Tough medicine will help Vestas in the long run, claims Engel

Ditlev Engel says Vestas must prepare for volatility in key markets

Ditlev Engel is convinced that a new organisational structure will allow Vestas to put the problems that have plagued the Danish company ­behind it, and he wants to continue as chief executive, despite heavy criticism in recent weeks.

However, his assessment of the coming period is sombre, with prospects depending to a large extent on whether the US renews its production tax credit (PTC) incentive.

Engel takes full responsibility for ­delays to a new generator factory, and cost overruns on industrialisation of the V112 ­turbine and its GridSteamer technology.

“I take responsibility for technology implementation problems in the last quarter,” he says, “But the new organisation will allow us to solve the problems.”

As well as creating a more streamlined structure, one of the main aims Log in to read complete article.

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