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27 Jul '12, 1pm

Gamesa Plans Restructuring After Cutting 2012 Turbine Forecast

Gamesa Plans Restructuring After Cutting 2012 Turbine Forecast

Gamesa predicted sales totaling 2,000 megawatts of turbines, compared with a February forecast of 2,800 megawatts to 3,200 megawatts, according to a statement on its website today. The Zamudio-based company had a net loss of 33 million euros ($41 million) in the first six months of 2012, down from a profit of 29 million euros in the same period in 2011. “There’s been a very, very significant slump in Asia, especially China and India,” Chief Executive Officer Ignacio Martin said today on a conference call. “This means the factory activity we’ll have in the second half will be very low.” Turbine-makers from Gamesa to the world’s biggest, Vestas Wind Systems A/S of Aarhus, Denmark, are struggling as overcapacity and slowing demand force down turbine prices, which fell to 910,000 euros a megawatt in the second half of 2011, according to Bloomberg New Energy Finance, the lowest...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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