Wind power industry in moment of reckoning as stocks fall and earnings crumble
Publishing timestamp: 2023-11-13 01:14:36
Summary
The renewable energy sector is facing challenges such as rising construction and financing costs, quality-control problems, and supply-chain issues. Manufacturing faults and competition from traditional oil and gas players are also impacting the sector. The eight largest renewable energy firms reported a combined $3 billion decrease in assets in the first half of the year. While some companies, like Vestas, are performing well, overall, the sector is struggling with profitability and the feasibility of projects. There is a need for recalibration of strategies and government support to ensure the transition to cleaner energy is realistic.
Sentiment: NEGATIVE
Tickers: VWS-DK, ORSTED-DK, ENR-DE, 0NMK-GB,
Keywords: breaking news: investing, energy, breaking news: markets, alternative and sustainable energy, vestas wind systems a/s, investment strategy, orsted a/s, siemens energy ag, markets, business news,
Source: https://www.cnbc.com/2023/11/13/wind-power-industry-in-moment-of-reckoning-as-stocks-fall.html