Coronavirus company news summary – Vestas sees profits fall – German solar installations continue rise despite virus

5 November 2020 (Last Updated November 5th, 2020 10:53)

Danish wind turbine maker Vestas registered a 4% fall in operating profit to $482m (€412m) in the third quarter of 2020, compared with the same period in 2019. The company posted a revenue of $5,579m (€4,770m) for the period, a 31% growth from last year’s third quarter. Vestas’ EBIT margin dropped to $482m (€412m) a 3.2% drop compared to $502m (€429m) in Q3 2019.

Germany’s solar installations rose by 34% in the third quarter from the corresponding period in 2019, as cumulative power installations reached 52.76GW. The country added roughly 1.22GW of new PV installations for Q3, recording a marginal drop of 2.6% from Q2. The Covid-19 pandemic did not impact Germany's solar installations as severely as other sectors, and solar capacity continued to increase throughout the lockdown period.

Electricity demand in the US has declined at levels comparable to the initial days of the Covid-19 pandemic lockdown in April and May, as the country sees a second wave of coronavirus cases. Demand fell by 7% in September, in comparison with the same period between 2016 and 2019. The midwest and southern states recorded the biggest declines, while the national power consumption in 2020 is projected to decline by 2.2% from last year.