VESTA's Turbine Company Falls- Let's hope it Fails!
World's Biggest Wind-Turbine Maker Falls as Trump Drops Paris
by and- Vestas is worst performing stock in benchmark Danish index
- Company says exiting Paris makes little economic sense for US
What the U.S. Departure Means for the Paris Agreement
Vestas Wind Systems A/S, the world’s biggest maker of wind turbines, dropped to its lowest in more than 1 1/2 months after U.S. President Donald Trump’s decision to exit the Paris climate accord threw into doubt the future of renewable energy.
Vestas fell as much as 3 percent, and traded 2.3 percent lower at 571.50 kroner as of 12:53 p.m. in Copenhagen. It was the worst performing stock on the Copenhagen benchmark index of Denmark’s most traded companies, and was among the biggest losers in the Stoxx Europe 600 index, which was up about 0.7 percent overall.
Read more: Trump to exit climate pact as allies deride decision
Trump said late on Thursday he would pull the world’s biggest economy out of the Paris climate pact, arguing it puts American workers at a disadvantage. His announcement instantly drew severe criticism from leaders across the globe, with Nordic politicians, in particular, condemning the move. In Denmark, where Vestas is based, Energy Minister Lars Chr. Lilleholt says he’s planning a trip to the U.S. in the fall in an effort to promote renewable energy at the state level, “regardless” what Washington D.C. decides.
“Of course it would be better if the U.S. were to stay in the Paris Agreement,” Morten Dyrholm, Vestas senior VP marketing, communications and public affairs, said in an emailed comment to Bloomberg.
Vestas derives about 40 percent of its revenue from the Americas. Shares in the company plunged after it was clear that Trump, who has lashed out against wind turbine technology in the past, was the winner of the U.S. election in November. Vestas said a withdrawal from the climate pact makes little economic sense.
“The U.S. wind industry has broad bipartisan support because it is cost-effective and provides strong returns for investors,” Dyrholm said. Wind is “the lowest-cost energy source in many parts of the country; it’s compatible with farming, ranching, and hunting; it uses no water; it supports more than 100,000 jobs in 50 states, and it brings billions of dollars in economic development to the communities that host the projects.”
Vestas’s share-price decline provides an “excellent buying opportunity,” Kepler Cheuvreux analyst Douglas Lindahl said in an email. He said the same applies to shares of Gamesa Corp Tecnologica SA, a Spanish rival, which traded about 1 percent lower.
“More than 190 nations have signed the Paris agreement and the U.S. now joins a very small club of outsiders not part of the accord,” Lindahl said.
Read more: Blankfein tweets, Iger quits as executives react to Trump
Trump, who famously called climate change a “hoax” cooked up by the Chinese, campaigned on a pledge to support coal instead of renewable energy. In his speech on Thursday, he said he wants to “start to negotiate and we will see if we can make a deal.”
Withdrawal from the pact puts the U.S. in league with just two other nations -- Syria and Nicaragua -- that are not participating in the agreement.
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Comment
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Comment by Ellin Beltz on June 3, 2017 at 2:58pm
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Like so much else in the press, this article is 99% garbage. The wind industry does not have broad bipartisan support, it uses A LOT of water - just not after its installed, I have never seen the 100,000 jobs as any big deal . Walmart employs 1.9 million, McDonald's 1.7 million... barely 5.2 % of Walmart's work force and some people act like we ought to be majorly grateful for that pittance. It does not bring billions of dollars to the communities which have windmills; those billions are reserved for the billionaires who own the company. I am totally absolutely not impressed by the MSM bullshit on this topic. These fugly pinwheels are forced on rural communities so city dwellers can continue to waste electricity - being totally unconnected from its source as they are from all other aspects of their unsustainable lifestyles.
Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********
(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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