Vestas CEO says Trump鈥檚 tariffs to push global power prices, urges calm on US market鈥檚 long-term prospects
Handelsblatt
The sweeping tariffs introduced by US president Donald Trump could lead to higher electricity prices around the world, said Hendrik Andersen, CEO of Danish wind turbine manufacturer Vestas, in an聽聽with business newspaper Handelsblatt. Prices in industry supply chains are set to rise with the tariffs, which producers would ultimately pass on to consumers, Andersen said.
He added that wind power would not necessarily be hit harder by these effects than other industries. 鈥淚f the world is entering a recession, investments will decline in the construction of new installations. No matter if it鈥檚 wind, solar, oil or gas.鈥 However, the manager of the world鈥檚 leading wind turbine producer outside of China added that the long-term prospects for wind power remained solid also in the US market. 鈥淭he situation hopefully will calm down so that we know what we鈥檙e dealing with,鈥 Andersen said. 鈥淧eople need more energy, especially in the US. Wind turbines can be installed quickly and at low cost,鈥 he argued, pointing out that 40 gigawatts of new capacity were added even during Trump鈥檚 first term. 鈥淟et鈥檚 wait and see if there鈥檚 a positive turnaround for this.鈥
With a view to Germany, Andersen said that debates about an overcrowding of offshore wind turbines in the North Sea are out of touch with reality, given that currently only about five GW are installed there, he argued. 鈥淏efore we can talk about this in maybe ten years, it would be better to get started first.鈥