Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Vestas Wind Systems A/S    VWS   DK0010268606

VESTAS WIND SYSTEMS A/S

(VWS)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

EXCLUSIVE-Renewable firms in Mexico must contribute to grid backup -CFE chief

share with twitter share with LinkedIn share with facebook
share via e-mail
05/22/2020 | 08:10pm EDT

(Adds quotes, details on CFE generation minimum)

By David Alire Garcia

MEXICO CITY, May 22 (Reuters) - Private renewable energy firms in Mexico should pay for part of the baseload power underpinning the flow of electricity on the grid, the head of the state power company said on Friday, as a dispute on the future of the local industry roils the market.

Manuel Bartlett, director of the Comision Federal de Electricidad (CFE) and staunch defender of the state, told Reuters he favors more clean energy and wants to reduce Mexico's use of fuel oil as a major source of power generation.

But he said renewable operators had not been pulling their weight in contributing to the infrastructure that sustains them.

"Wind and photovoltaic (plants) don't pay the CFE for the backup," said Bartlett, referring to the cost of power generation from fossil fuels, mostly natural gas, to guarantee uninterrupted flow.

"Do you think it's fair for the CFE to subsidize these companies that don't produce power all day?" he asked.

The firms should also start helping to pay transmission costs, he said.

"That's not a free market, it's theft," said Bartlett, a close ally of President Andres Manuel Lopez Obrador, who has pledged to hold down electricity rates.

Renewable companies argue they can produce more efficiently than the CFE and help Mexico reduce its emissions.

Last month, Mexico's power grid regulator CENACE issued a ruling supported by Bartlett that prevented several dozen new renewable energy plants from connecting to the network.

CENACE cited the coronavirus pandemic as a justification, arguing that intermittent wind and solar power is not consistent with ensuring constant electricity supply.

Business associations said the move put more than $6 billion in renewable power plants scheduled to begin operating this year or next in limbo.

In a provisional ruling this week, a judge ordered CENACE to back down and allow the renewable firms to continue for now with tests needed to bring plants online.

Bartlett, an 84-year-old former interior minister who has been a force in Mexican politics for decades, said he is not seeking to restore CFE's decades-long monopoly that was ended by the previous government.

But he said Lopez Obrador has instructed him to ensure the CFE generates at least 54% of power output, its current level.

"I accept that there's going to be private investment."

Last Friday, the energy ministry moved aggressively to give the government more control over power supplies by seeking fast-tracked regulatory approval for a ruling designed to give the state more say over who can generate electricity and how much, again citing the pandemic as a rationale.

The move promoted the head of a government regulatory commission to abruptly resign.

Bartlett described the notion that the government is resisting more renewable energy as a "lie."

"We are not troglodytes, we're serious people," he said, adding that he favors cleaner-burning natural gas.

Nevertheless, the government last year canceled a planned auction to purchase renewable energy via long-term contracts, another policy promoted by the last government.

It also sought to disincentivize a clean-energy certificate scheme, arguing it put the CFE at a disadvantage. (Reporting by David Alire Garcia; Additional reporting by Adriana Barrera Editing by Marguerita Choy and Sonya Hepinstall)

Stocks mentioned in the article
ChangeLast1st jan.
IBERDROLA -1.55% 9.958 End-of-day quote.8.47%
LONDON BRENT OIL 5.32% 41.74 Delayed Quote.-40.24%
VESTAS WIND SYSTEMS A/S -0.31% 701.6 Delayed Quote.4.22%
WTI 4.70% 38.804 Delayed Quote.-39.82%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on VESTAS WIND SYSTEMS A/S
06/04VESTAS WIND A/S : secures service agreements for Senvion turbines across three w..
AQ
06/04VESTAS WIND A/S : wins 50 MW order in China
AQ
06/04VESTAS WIND A/S : wins order for V155-3.3 MW turbines in China with new customer
AQ
06/03Total to acquire 51% stake in SSE $3.7 billion UK wind farm project
RE
06/03VESTAS WIND A/S : secures 226 MW order for five wind energy projects in Russia
AQ
06/03VESTAS WIND A/S : MHI Vestas Offshore Wind A/S has signed a conditional agreemen..
PU
06/01VESTAS WIND A/S : MHI Vestas Offshore Wind A/S has signed a conditional agreemen..
AQ
05/29VESTAS WIND A/S : wins 41 MW order in China
AQ
05/29VESTAS WIND SYSTEMS : Receives a Buy rating from UBS
MD
05/29VESTAS WIND A/S : wins 38 MW order in the UK
PU
More news
Financials
Sales 2020 13 756 M 15 564 M 15 564 M
Net income 2020 660 M 747 M 747 M
Net cash 2020 2 348 M 2 657 M 2 657 M
P/E ratio 2020 27,5x
Yield 2020 1,17%
Capitalization 18 400 M 20 845 M 20 819 M
EV / Sales 2019
EV / Sales 2020 1,17x
Nbr of Employees 25 948
Free-Float 98,4%
Chart VESTAS WIND SYSTEMS A/S
Duration : Period :
Vestas Wind Systems A/S Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends VESTAS WIND SYSTEMS A/S
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 89,00 €
Last Close Price 94,02 €
Spread / Highest target 14,1%
Spread / Average Target -5,34%
Spread / Lowest Target -35,1%
EPS Revisions
Managers
NameTitle
Henrik Andersen President & Group Chief Executive Officer
Anders Erik Runevad Chief Executive Officer
Bert Åke Stefan Nordberg Chairman
Tommy Rahbek Nielsen Chief Operating Officer
Marika Fredriksson Chief Financial Officer & Executive Vice President