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Wednesday, January 11, 2012

Rah rah siss boom blah

Sometimes it seems as though the Portland Business Journal can't handle the truth. Here's an example: The cheery headline says "Vestas posts strong 2011, continues to hire," but then you read on:

[Vestas North America] said it sold 812 wind turbines with a capacity of 1,617 megawatts in 2011 — enough to power 500,000 homes. That’s down from 1,883 megawatts in 2010.

The company installed 30 new wind farms in 2011 and plans to add another 20 this year.

Vestas didn’t release specific North American financial data, such as revenue....

... Vestas’ Danish headquarters has been under a barrage of negative developments.

Last week the company reduced its revenue forecast for the second time in two months. Its shares have fallen almost 90 percent from their high in 2008 after a series of earnings misses including the latest announced on Oct. 30, leading to questions about the status of the company’s management team.

On Thursday, Vestas is expected to announce a corporate restructuring....

[W]ind energy developers [are] rushing to get products completed before a federal production tax credit expires at the end of 2012. If that doesn’t get extended, the forecast beyond this year is murky for the company.

A more apt head might have been "Forecast murky for Vestas," but hey, that wouldn't square with the Portland party line, which is that it's important to subsidize this company on a massive scale so that it can hand money to Mark Edlen to re-do the Meier and Frank warehouse.

Vestas probably won't last too much longer before it's taken over by a competitor -- a competitor who probably won't need a fancy office building in Portland, Oregon for long. But that kind of English is just a little too plain for the PBJ.

Comments (2)

It's like the guy who wrote the headline didn't read the story.

Vestas may go under in Denmark (or up in smoke if you're up on your Latin), but don't be surprised if Portland's flagship green investment doesn't live on locally in some form or another, courtesy of the Portland rate and taxpayer.

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