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Wind power industry in moment of reckoning as stocks fall and earnings crumble - TL;DR CNBC

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-DKORSTED-DKENR-DE0NMK-GB

Keywords: breaking news: investingenergybreaking news: marketsalternative and sustainable energyvestas wind systems a/sinvestment strategyorsted a/ssiemens energy agmarketsbusiness news

Source: https://www.cnbc.com/2023/11/13/wind-power-industry-in-moment-of-reckoning-as-stocks-fall.html


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