Europe is is failing to manifest its build-out plans for renewable energy due to rising costs, says Vestas Chief Executive Henrik Andersen to Bloomberg News during an interview in Davos.

Andersen chastises European policymakers for shirking their responsibility to remove barriers for cleaner energy developers, which he asserts should be ”building like crazy” to fulfill the EU’s renewable capacity targets.

In connection with last year’s COP27 summit in Cairo, Egypt, Vestas also mentioned that developments totaling hundreds of gigawatts are caught up in protracted approval procedures, saying that solely in the EU, capacity stuck in bureaucratic red tape exceeds by fourfold the volume under development.

The CEO also says that, with power prices currently so high, expensive construction ought not hinder development.

Over the last few years, the OEM has had a tough time with both surging costs of materials and supply chain troubles – woes the manufacturer has tried to offset by raising prices on wind turbines.

Vestas, Andersen asserts, has become ”disciplined” in regard to product pricing despite receding orders, and the business will soon be shorn up by such effort. Next month, Andersen will expectedly release financial guidance for this year.

“It is a little bit of madness to see that the solutions we provide for customers have never been so valuable, but we are losing money,” Andersen tells the media:

“It’s just tough.” 

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