Skip to comments.Vestas cuts 800 North American jobs as orders slow
Posted on 10/12/2012 2:56:56 PM PDT by mdittmar
COPENHAGEN (Reuters) - 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.
(Excerpt) Read more at news.yahoo.com ...
Um,why would you start a non-profitable project?
“.....it could be forced to lay off a total of 1,600 employees in North America if the scheme is not renewed.”
Perfectly appropriate word, “scheme”.
Translated: We've duped all of the big leaguers of their nation's treasure and are now moving on to those countries that can sucker the UN anf IMF to fund the grandiose failures.
Lowering their profit expectations, just as the oil companies have done forever (planning price). They are betting that the PTC will be renewed, but while I’m a fan of utility-scale wind production I hope it isn’t. Removing the subsidy will incent the industry to develop solutions that can achieve price parity based on technological innovations rather than creating artificial price supports that prolong less efficient designs. Most experts feel this is possible.
If they remove the government support/handout, the wind energy scam ends.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.