Lack of clarity about US president-elect’s plans means confusion over the outlook for new projects and turbine orders
Clearing up after a devastating storm can be a lengthy exercise. So it was proving for some of Europe’s leading wind energy businesses. They just got hit by a new weather front: Hurricane Trump. Donald Trump’s election victory sent shares in European wind companies tumbling on Wednesday morning, thanks to his pre-election pledge to scrap offshore wind projects in the US. Vestas is now down more than 60 per cent since early 2021.
Salary increases in some markets have outpaced the inflation-linked uplift baked into contracts. Third-quarter operating margins in services were just 16 per cent compared with an average of 25 per cent from 2018 to 2022. The market was already doubtful that the negative news was all flushed out.
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