Vestas is ‘en route to a quarterly order record’ in the last three months of 2022 once so far unannounced deals are added, Sydbank chief analyst Jacob Pedersen said in a research note.
The Danish wind turbine manufacturer in the fourth quarter of last year had made public 22 onshore wind orders with a combined capacity of 3.37GW. Sydbank expects another 1.1GW in unannounced orders, which would bring the total to close to 4.5GW.
Even though the company’s year-end order rally was somewhat more subdued than in some other years, “the order intake in the fourth quarter gives an indication that the sluggishness from previous quarters is abating,” Pedersen said.
For the whole of last year, the Danish bank’s analyst expects an order intake of just under 11GW for onshore wind.
Sydbank expects the average selling price for onshore to reach €1.13m ($1.19m) per megawatt, pushed higher by a recent gigascale order form Australia.
In terms of value, the bank models the fourth quarter order intake reaching €5.1bn, which would be a record for a single quarter for Vestas.
There have been no firm offshore wind orders during the last quarter, but adding offshore deals from previous quarters, the company’s overall order intake last year should reach 11.5GW, Sydbank models suggest.
Pedersen expects more orders from the US in 2023, while demand from Asia and Europe is more muted. As European politicians must remedy the energy crisis, more orders should come from the old continent, however, as “wind power looks like one of the solutions”, the analyst said.
