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Shares of Vestas Wind Systems tanked on the news that Donald Trump had won the 2024 presidential election. However, analysts at a number of investment banks have suggested that investors overreacted to fears of a downturn for the sector. And he's not alone — the consensus price target of all analysts covering the stock points to an upside of more than 50%. Vestas shares are also traded in the U.S. with the ticker VWDRY . In addition to the political headwinds, Vestas Wind Systems has also had to contend with the rising cost of materials and labor over the past few quarters.
Persons: Donald Trump, Trump, Donald Trump's, Jacob Pedersen, Pedersen, Joe Biden's, Vestas, Henrik Andersen, John Kim, Gael, Bray, That's Organizations: Vestas, Nasdaq, Deutsche, Gael de, Systems, Deutsche Bank Locations: USA, Danish, U.S, Nasdaq Copenhagen, United States
Navigating the energy transition
  + stars: | 2024-01-25 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNavigating the energy transitionCNBC's Steve Sedgwick speaks to Marco Alvera, CEO at TES, Vaishali Sinha, co-founder at ReNew, Alfred Stern, CEO at OMV, Bold Baatar, CEO at Rio Tinto Copper, and Henrik Andersen, CEO at Vestas.
Persons: Steve Sedgwick, Marco Alvera, Vaishali Sinha, Alfred Stern, Henrik Andersen Organizations: TES, Vaishali, Rio Tinto Locations: Rio, Vestas
CNBC's "Sustainable Future Forum" returned as a special event live from the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland. CNBC convened top policymakers and business leaders to evaluate the outcomes of COP28 and examine what needs to happen in 2024 to ensure pledges are upheld, and progress is made. This panel examines what needs to happen to stay on course. watch nowNavigating the Energy TransitionCOP28 climate summit reached a historic deal to transition away from fossil fuels but did the agreement go far enough? Guests on the panel included: Marco Alvera, CEO, TES Vaishali Sinha, co-founder, ReNew Alfred Stern, CEO, OMV Bold Baatar, CEO, Rio Tinto Copper Henrik Andersen, CEO, Vestas
Persons: Badr Jafar, Daniel F, Feldman, John Kerry, Biden Rachel Kyte, Sanda Ojiambo, Tania Bryer, Kofi Annan, Marco Alvera, TES Vaishali Sinha, Alfred Stern, OMV, Rio Tinto Copper Henrik Andersen, Vestas Organizations: Economic, CNBC, Crescent Petroleum, Business, Philanthropy, Conference of, UN, Partner, Staff, Initiative, Energy, TES Vaishali, Rio Tinto Copper Locations: Davos, Switzerland, Dubai, Covington, Rio
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVestas CEO: 'Permitting is one of the critical questions' surrounding the energy transitionHenrik Andersen, CEO of Vestas, discusses the wind energy sector and hurdles that the green energy industry is facing.
Persons: Henrik Andersen
Ina Fassbender | AFP | Getty ImagesRenewable energy firms are mostly suffering a dire earnings season as struggling supply chains, manufacturing faults and rising production costs eat into profits. Manufacturing faults, most notably at Siemens Energy 's wind turbine subsidiary Siemens Gamesa, have emerged as companies race to build turbines at a greater pace and scale. Specialist wind energy firms are also often finding themselves outbid for seabed licenses by traditional oil and gas players. As a result, most wind energy stocks are down sharply since the turn of the year. The firm's economists said the past earnings season was a "learning moment" for the industry.
Persons: Ina Fassbender, Ørsted, Vestas, Henrik Andersen, " Andersen, Jacob Pedersen, it's, " Pedersen, CNBC's, Pedersen Organizations: International Energy Agency, AFP, Getty, Siemens Energy, Siemens Gamesa, Allianz Research, CNBC Wednesday, Sydbank Locations: Germany, Europe, U.S
However, the risks are offset not only by the substantial existing European incentives, but also other factors - such as proximity to European consumers - that many companies cite as critical in their decisions. Think tank Bruegel says EU support is already on a par with, or even larger than, IRA money. Moreover, well over half of the IRA support is for renewable energy production, with local content requirements playing a very limited role. Some executives say rather than providing more subsidies, Europe needs to simply improve the way they are given. The United States is not a panacea for European firms, not least due to questions about what approach the next U.S. administration might take.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNow's the time to change the pace of Europe's energy transition, Vestas CEO saysHenrik Andersen, CEO of Vestas, discusses the energy crisis and says "2022 is not a year to forget, it's a year to learn from."
Leaders at Davos say government policy to incentivize the transition can push things forward. There's no 'silver bullet' solutionThe energy transition involves a huge variety of solutions coming together — renewable energy, electric vehicles, hydrogen technology, and nuclear power, to name a few, will all play a role. Andrés Gluski, CEO of energy company AES, said there isn't "one silver bullet" for the energy transition. Daniels said that while the US is using incentives to drive the energy transition, the EU is using rules and regulations. Ciorra also called China a champion of the electric transition, because "they are making this as a business."
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