That flushing sound you hear is another $50 million taxpayer dollars going down the shitter of Teh Won’s™ Green Energy policy.
Vestas Cuts 800 North American Jobs As Orders Slow
As many governments are hitting the skids financially, silly taxpayer dollar slurping schemes to save Gaia are falling by the wayside as they should.
Danish wind turbine maker Vestas said the impending expiry of a U.S. tax credit had exacerbated a fall in orders for next year, forcing it to make more than 800 job cuts in the United States and Canada so far this year.
With the Production Tax Credit (PTC) on renewable energy set to expire at the end of the year, Vestas Wind Systems A/S had previously said it could be forced to lay off a total of 1,600 employees in North America if the scheme is not renewed.
Vestas, which is battling the effects of government austerity measures in various countries, said the 800 staff cuts so far this year represented 20 percent of its North American workforce.
Just another example of the Ogabe administration’s remarkable ability to pick losers to sink our money in. I’ve said it a million times, barring some incredible advance in technology, it’s impossible for wind power to produce more than a tiny fraction of our energy needs. Many existing projects are being abandoned for a number of reasons including noise, maintenance costs and being food-processors for birds. The industry just can’t compete without ongoing, large tax-credits and other infusions of public money.
“The U.S. wind industry has slowed, largely due to the uncertainty surrounding the Federal Production Tax Credit extension,” said Martha Wyrsch, head of Vestas-American Wind Technology, Inc.
Rising costs and fierce competition, especially from Asian rivals, have added to its problems.
Vestas has already closed a number of factories worldwide and will transfer sales staff from southern Europe to South America.
The group told analysts and investors in briefings on Wednesday it would stop non-profitable projects as it battles worsening prospects, aiming to lift its operating margin to high single-digits in the medium term. [Emph. Mine]
Poor babies have to compete in the capitalist market place like everyone else and can’t make it. Yeah, South America and all those quasi-socialist governments should be easy to bribe into sinking money into our bullshit, but then what makes you think they won’t buy from the Chinese too? Unsaid in the article is that fiddy-million US bucks that we can kiss good-bye. I’ve seen quite a few estimates of how much the taxpayers could lose on OZero’s pet project. One number that did stick out was $35.5 billion for finalized loans and loan guarantees from DOE.
The group plans to shift focus increasingly to emerging markets in a bid to regain growth and offset cooling demand in mature Europe and United States markets.
The company’s order intake in the first half of the year was 24 percent down on the corresponding period a year earlier.
Vestas shares, which have plummeted from a peak of around 700 crowns set in 2008, traded down 1 percent at 34.65 crowns by 1023 GMT (0623 ET) against a 0.5 percent decline in the Copenhagen stock exchange’s benchmark index < .OMXC20>.
I love their choice of words “mature Europe and United States markets.” That means the adults are back in charge after the kiddies gave up their unicorns and skittles dreams. The nail in the coffin should be yesterday’s revelation that global temperature showed NO increase in the last 16 years. Unfortunately, AGW or Climate Change as they now call it seems to be the herpes of junk science, we just can’t make it go away, no matter how much hard evidence to the contrary is released.
Regardless, they’ll always find willing politicians to spend other peoples’ money in search of the enviro-vote. I would add you can bet that a second Obama administration would continue pouring money into failed technologies.
At last count : Six of the “green” companies that received direct payments from DOE – AKA tax payer subsidies were either in bankruptcy or had already failed. I don’t have those names at my finger tips …but the losses are in the Billions. Particularly galling – of the six companies to fail – One is being bought out by… Read more »
Page Not Found on the first link posted in the text..
Big Brother has struck again???
It looks like the link got scrambled, Chief, with an “http://” dangling off the end that’s screwing things up. Here’s the story…
Vestas cuts 800 North American jobs as orders slow
But see, since Global Warming can cause MORE ice on one pole and LESS ice on the OTHER pole (different mechanisms, don’t ya know), and can cause temperatures to go both UP and DOWN in differing regions (see, um there’s different uh, micro-climates and stuff), and can cause both MORE rain and LESS rain (due to um, well, math is… Read more »
I’m all for sustainable practices if they’re cost-effective. The problem is that the greenies can’t seem to process the whole cost-effective part. There’s got to be a balance.
Who is Valerie Jarrett?
Thanks Chief, seems Reuters dropped the article down the memory hole.
Hmmm Mike’s link at #3 works. Very odd cuz I reset the link and fixed that syntax error to no luck.
Tallulah says: Who is Valerie Jarrett? Interesting note here. Valerie Jarrett’s father was college room-mates with one Frank Marshall Davis, a raving socialist that young Obama’s grandfather made his chief mentor. Davis was also a proponent of the black liberation movement as well. Of course the rewritten history calls him a ‘labor activist’. That apple didn’t fall far from the… Read more »
LC Jackboot IC/A @ # 8: Yes it is indeed.
Just Another Random Nut, GLOR @ # 5: What was that definition of insanity again?
He wasn’t trying to pick winners for *us*. The proper people were paid, and paid nicely, at our expense. If you ain’t an elite, you ain’t shit.
Obama is like a shady used car salesman who is trying to sell us the same car we bought four years ago but returned because it was a lemon. It doesn’t matter that Obama changed the bumper stickers from “hope” to “forward” — the car is still a LEMON…and America is not buying it! JOE STALIN OF RUSSIA WOULD BE… Read more »
Fixed it for yea
I attended Semicon West this summer. There was an exhibit hall devoted to something called the Solar Expo, or something like that. The place was mostly filled with solar panel manufacturers, all displaying essentially equivalent products. Walking through the place, seeing how businesses were all competing to sell new technology would make you think business was good. Unless you knew… Read more »
LC cmblake6, Imperial Black Ops Technician @ #10: Besides doing the same thing multiple times and expecting a different result? XD
Thirty years ago, they were pushing solar farms. Trouble is, you have to have a collectors’ array that covers half the state of Texas to get enough sun power to do much. Why? well, even an English major like me can figure that one out: fossil fuel is a real intense concentration of “sun power” in a very small package.… Read more »
IRT to my Post # 1 Above the company in Question with the CHICOMs A123 is a lithium battery maker that is going under, updated information has it that the sale to the Chinese has been shelved. The CEO of A123 Stated that “Unforeseen” difficulties with the sale to China have arisen – So what the hell does that mean?… Read more »
LC Jackboot! Congratulations. You seem to have been chosen by Sultan Knish.