VESTAS CUTS GUIDANCE, BLAMES COST OVERRUNS
COPENHAGEN, Jan 3 (Reuters) - Danish wind turbine maker Vestas cut its guidance for 2011 earnings and revenue in a surprise trading update on Tuesday , saying costs of developing a new turbine had overshot expectations and some revenue had been delayed.
The world's biggest wind turbine maker, which struggled in 2011 as the global economic crisis dented investment in energy infrastructure, said it would defer some revenue and earnings into 2012 and book higher-than-expected costs.
SPAIN HYDRO RESERVES EASE, IRRIGATION LEVELS UP
MADRID, Jan 3 (Reuters) - Spanish hydropower reserves fell last week, the latest official data showed on Tuesday, which is potentially bullish for power prices and will tend to drive demand for gas in the world's eight-biggest natural gas importer.
Water levels rose in reservoirs set aside for irrigation, which will help to ease grain import needs of at least 10 million tonnes a year, which lures interest from producing countries around the world.
EUROPE POWER-PROMPT FIRMER AS WIND SUPPLY DROPS
FRANKFURT, Dec 29(Reuters) - Most German and French prompt power prices firmed on Thursday ahead of a forecast decline in German wind power supply which outweighed low demand.
Germany's Friday baseload contract gained 1.30 euros to 38.90 euros ($5,000) a megawatt hour.
UK 2011 RENEWABLES INVESTMENT BY FIRMS $3.9 BLN-DECC
LONDON, Dec 29 (Reuters) - Companies have announced plans to invest almost 2.5 billion pounds ($3.87 billion) in renewable energy projects in the UK this year, the UK's Department for Energy and Climate Change (DECC) said on Thursday.
The plans could potentially create almost 12,000 jobs, DECC said, and compare with estimates from various consultants of around 2.1 billion pounds for the previous year.
ROMANIAN HIDROELECTRICA CANCELS 4 POWER CONTRACTS
BUCHAREST, Dec 29 (Reuters) - Romanian state-owned utility Hidroelectrica cancelled four contracts under which it sells power below market prices, Economy Minister Ion Ariton said on Thursday, heralding an end for other similar deals.
The contracts - including with a local unit of steelmaker ArcelorMittal - are under investigation by the European Commission and contested in court by minority shareholder Fondul Proprietatea.
CHINA'S ON-GRID WIND POWER CAPACITY TOPS 45 GW -REPORT
BEIJING, Dec 29 (Reuters) - Wind power generating capacity connected to China's grid networks increased by more than 14 gigawatts, or about 45 percent, from a year earlier to above 45 GW at the end of 2011, state media reported on Thursday.
The newly-added capacity was slightly higher than the additions in 2010, even though the growth rate was a bit lower, the state broadcaster said in a report on its website (www.cnr.cn) that cited data from National Wind Power Information Management Centre.
WIND POWER MARKET FACES TOUGH 2013 -CONSULTANTS
COPENHAGEN, Dec 28 (Reuters) - The wind turbine market faces a difficult 2013 even if a U.S. incentive scheme known as the Production Tax Credit (PTC) is extended beyond its end-2012 expiry date, Denmark-based MAKE Consulting said in a research note.
Uncertainty about whether the tax credit will be extended or replaced with something else has led to a rushed 2011 and 2012 wind farm building cycle, while new development plans for 2013 have plummeted, MAKE said.
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