Latest news with #Vestas
Yahoo
29-05-2025
- Business
- Yahoo
Shabazz launches campaign for Wichita City Council District 6
WICHITA, Kan. (KNSW) — Margaret Wheeler Shabazz, a Wichita native and longtime community advocate, has announced her candidacy for Wichita City Council District 6, which includes Riverside, Midtown, and parts of north-central Wichita. Shabazz, 40, is a longtime resident of the district. She said her campaign is centered on affordable housing, access to mental health services, and long-term solutions to homelessness. 'I'm running because I believe District 6 deserves a leader who listens, leads with integrity, and fights for every neighbor,' she said in a statement. Shabazz, a graduate of local youth development programs, co-founded a youth-led initiative to improve interactions between law enforcement and young people. She currently works as a Process Assurance Trainer at Vestas, overseeing training and process improvement across Midwest sites. Wichita lands more flights this summer Shabazz is a military widow and mother of two. She lives in Midtown and is a member of Holy Savior Catholic Church. In her campaign platform, Shabazz is calling for investments in neighborhood development, trauma-informed mental health services, and business revitalization along corridors such as Broadway. 'We can't criminalize poverty,' she said. 'We need permanent, humane solutions—housing, mental health care, job pathways—not just temporary shelters.' Shabazz is seeking to succeed the current council representative for District 6 in the upcoming municipal election. For more Kansas news, click here. Keep up with the latest breaking news by downloading our mobile app and signing up for our news email alerts. Sign up for our Storm Track 3 Weather app by clicking here. To watch our shows live on our website, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Star
22-05-2025
- Business
- The Star
Denmark's US$4bil wind aid seeks industry reboot
The decision to subsidise offshore wind farms will come at the expense of cheaper forms of renewable energy. — Bloomberg COPENHAGEN: Denmark, a global leader in wind power, spent five months licking its wounds after a failed auction for offshore turbines delivered a blow to expand even further. The government is so set on protecting the industry that it's now offering developers huge subsidies for new wind farms. The announcement on Monday that it's willing to fork out 27.6 billion kroner (US$4.2bil) in state aid and provide twice as much in insurance is a sign that the Nordic nation intends to hold on to its reputation as the sector leader despite the huge cost. The decision to subsidise offshore wind farms will come at the expense of cheaper forms of renewable energy (RE), particularly onshore wind and solar farms that don't need subsidies, according to Anders Plejdrup Houmoller, an independent consultant in Denmark with three decades of experience in the market. 'For the Danish taxpayer this is crazy,' he said in an interview. 'It's an a awful lot of money.' Denmark's policy is meant to support homegrown companies like Vestas Wind Systems A/S, one of the sector's global leaders, said Houmoller. The nation has also pinned its image on getting more of its electricity from the technology than any other country in the world, with almost 60% last year. The broad-based political agreement to ensure that the industry remains strong is motivated by more energy independence just as electric cars, data centres and the foreseen production of hydrogen is expected to drive power demand much higher. Jobs are also part of the equation. Even though solar power is cheaper to produce than offshore wind, no solar panels are made in Denmark. But Vestas and the rest of the sector employ many thousands of Danes to make turbines and related equipment for use in the country and to export. Monday's agreement sets out conditions for an auction of 3GW, which would more than double its current installed capacity, by early next decade. Vestas cemented its role as the world's largest wind turbine manufacturer in the early 2000s after a takeover. Utility Orsted A/S for a brief period in 2020 was one of Europe's most valuable energy companies. However, in recent years Denmark's position faltered. A combination of high inflation, rising interest rates and supply chain bottlenecks upended business models that depended on cheap debt and continuously falling prices for equipment. Orsted is in the middle of a turnaround under new leadership. Earlier this month it cancelled a major UK offshore farm, Hornsea 4, having recently axed two major US projects at the cost of billions of dollars. Vestas is still working to boost its profitability after finishing with bad contracts that hit its earnings in recent years and is also facing increasing competition from big Chinese rivals. For investors and the wider public, the breaking point was revealed by the failure of last year's auction. The new support offers a reset. 'It alters the narrative from Denmark being the home of wind and failing so miserably,' said Thomas Hwan Jensen, head of Europe for Copenhagen-based consultancy Aegir Insights. 'Introducing a new framework that provides attractive sites will put them back on the map.' The three sites to be offered later this year will likely draw plenty of bidders due to attractive returns bolstered by the government support, Jensen said. A crucial part of the new Danish agreement is introducing the 'contract-for-difference' model, said Patrick G. Rosenquist, head of new energy origination at the Export and Investment Fund of Denmark. He cited the United Kingdom as successfully employing the blueprint which effectively guarantees a minimum price developers will get for the electricity they generate. 'It's known as the most bankable support mechanism available when it comes to subsidising green projects, primarily offshore wind,' he said. — Bloomberg
Reuters
20-05-2025
- Business
- Reuters
European shares inch higher, supported by utilities and telecom
May 20 (Reuters) - European stocks edged up on Tuesday, with utilities and telecom firms leading gains as investors awaited updates on U.S. tariff policy that has raised concerns about health of the global economy. The pan-European STOXX 600 index (.STOXX), opens new tab was up 0.2% by 0725 GMT, hovering at a seven-week high. Utilities (.SX6P), opens new tab rose 1.1%, with Portugal's EDP Renovaveis ( opens new tab climbing 3.5% after Deutsche Bank upgraded the stock to "buy" from "hold." Shares of renewable energy firms Oersted ( opens new tab jumped 13.3% and Vestas Wind ( opens new tab 4% after U.S. President Donald Trump's administration lifted a month-old stop-work order on a major offshore wind facility planned off the coast of New York. Broader markets also stabilised after a surprise downgrade by Moody's on U.S. sovereign credit late on Friday sapped risk appetite. Investors are also awaiting any trade deals, with Trump's reciprocal tariffs set to kick in again in early July. Among other stocks, Salmar ( opens new tab dropped 4% after the Norwegian salmon farmer reported lower-than-expected first-quarter operating profit. In the UK, fast food chain Greggs (GRG.L), opens new tab, Upper Crust owner SSP Group (SSPG.L), opens new tab and distributor Diploma (DPLM.L), opens new tab climbed between 3.7% and 14.5% after reporting results.
Yahoo
19-05-2025
- Business
- Yahoo
Denmark plans offshore wind tender with up to $8.3 billion subsidy
COPENHAGEN (Reuters) -Denmark will launch an offshore wind tender with a capacity of three gigawatt (GW), enough to power three million homes, its energy ministry said on Monday, offering subsidies to developers of up to 55.2 billion Danish crowns ($8.32 billion). The offshore wind industry has grappled with skyrocketing costs, higher interest rates and supply chain bottlenecks, prompting governments to halt or postpone tenders due to a lack of interest from bidders. "We need more secure green power and energy to make Denmark and Europe independent of energy from Russia," Energy Minister Lars Aagaard said in a statement. The bids offered in the tender will determine the level of subsidy needed, with a cap set at 55.2 billion crowns over 20 years. "It is the bid price and the development of electricity prices that determine whether it will be necessary to support the projects, or whether money will come to the state," the ministry said. Denmark in January announced it would halt all ongoing offshore wind tenders to revamp its model, saying that a framework where no subsidies were offered did not work under existing market conditions. A month earlier, the Nordic country had failed to attract any bids in its biggest offshore wind tender yet, with analysts pointing to a rigid auction model and a failure to adapt to a changed economic reality for renewable energy projects. Denmark has been a pioneer in both onshore and offshore wind, and is home to turbine maker Vestas and the world's largest offshore wind developer Orsted. ($1 = 6.6318 Danish crowns) Sign in to access your portfolio
Reuters
19-05-2025
- Business
- Reuters
Denmark plans offshore wind tender with up to $8.3 bln subsidy
COPENHAGEN, May 19 (Reuters) - Denmark will launch an offshore wind tender with a capacity of three gigawatt (GW), enough to power three million homes, its energy ministry said on Monday, offering subsidies to developers of up to 55.2 billion Danish crowns ($8.32 billion). The offshore wind industry has grappled with skyrocketing costs, higher interest rates and supply chain bottlenecks, prompting governments to halt or postpone tenders due to a lack of interest from bidders. "We need more secure green power and energy to make Denmark and Europe independent of energy from Russia," Energy Minister Lars Aagaard said in a statement. The bids offered in the tender will determine the level of subsidy needed, with a cap set at 55.2 billion crowns over 20 years. "It is the bid price and the development of electricity prices that determine whether it will be necessary to support the projects, or whether money will come to the state," the ministry said. Denmark in January announced it would halt all ongoing offshore wind tenders to revamp its model, saying that a framework where no subsidies were offered did not work under existing market conditions. A month earlier, the Nordic country had failed to attract any bids in its biggest offshore wind tender yet, with analysts pointing to a rigid auction model and a failure to adapt to a changed economic reality for renewable energy projects. Denmark has been a pioneer in both onshore and offshore wind, and is home to turbine maker Vestas ( opens new tab and the world's largest offshore wind developer Orsted ( opens new tab. ($1 = 6.6318 Danish crowns)
