Vestas welcomes US PTC clarity

Vestas CEO Anders Runevad welcomed clarification of the rules over qualification for the US production tax credit (PTC), after the global wind leader recorded another strong quarter in America.

Runevad said the clarification – issued by the US tax authorities earlier this month – was seen as “positive” by Vestas, as it should help in “stabilising the uncertainty that existed around the PTC”.

The US continued to be an engine of growth for Vestas and the wind sector as a whole in the second quarter.

The Danish group announced 800MW of US orders in the quarter, as it continued to benefit from the big “master supply agreements” announced last year.

Runevad said there was still more to be won, with Vestas’ US sales teams “busy” as they work to secure more firm orders, while declining to cite a figure.

The Vestas boss also declined to speculate on whether the PTC would be extended again, noting: “We have a lot of interest, along with many other companies, that it will be.”

He added: "We are working with different scenarios [over PTC extension]."

Runevad, speaking to financial analysts after a “solid” set of second quarter results that saw the group raise its full-year profit margin guidance, also highlighted Germany as a strong performer for Vestas, after the company tripled its deliveries there.

“Germany is probably the most stable market in Europe,” said the Vestas CEO.