Good news was not immediately apparent in the 2018 quarterly report from Vestas. Compared with the same quarter one year before, revenue declined by 10 percent to DKK 12.6 billion (EUR 938.7 million), while the result before tax shrunk by 36 percent to DKK 1.02 billion, and the profit margin went from 11.2 to 7.5 percent. The average sales price (ASP) for new orders remains very low at DKK 5.51 million / MW.
This last factor has become the key factor in terms of price pressure among wind turbine manufacturers. In contrast to the end of 2016, where US project developers were battling one another to place component orders and secure 100 percent of the US PTC scheme for their projects, the price hit a likely bottom the following year, with a price per MW that is 23.2 percent lower.
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