Henrik Andersen, the CEO of Vestas, has forecasted that disruptions in the wind supply chain will persist "throughout the second half of the year." He pointed out that the initial six months of 2023 have also highlighted the hurdles of permitting and regulatory uncertainty, which continue to hinder the acceleration of the energy transition.

In light of these challenges, the Danish wind turbine manufacturer maintains its unwavering focus on achieving profitability, especially following a challenging period for the sector. Escalating prices of critical raw materials like copper and steel have resulted in cost pressures for the offshore wind industry, leading to reduced earnings for manufacturers.

Despite the sector's challenges, Vestas is displaying positive signs. During Q2 2023, the company generated approximately £2.9 billion in revenue, marking a year-on-year increase of 3.8%. Concurrently, the quarterly intake of firm and unconditional wind turbine orders amounted to 2,333 megawatts (MW), representing an 8% rise compared to Q2 2022. As of the end of June, Vestas's wind turbine order backlog stood at £17 billion.

Henrik Andersen, Vestas's President and CEO, affirmed, "Vestas continued to improve underlying performance in the second quarter of 2023, and based on the first half of the year, we remain on track to achieve our financial outlook for 2023. In the second quarter, our revenue was EUR 3.4 billion, a 4 percent increase year-on-year, which was secured by higher value of turbine deliveries and strong growth in our Service business. In line with expectations and the continued execution of older projects with lower margins in our backlog, we achieved an EBIT margin of minus 2 percent."

Andersen further explained, "We received 2.3 GW of orders with an average selling price on our onshore solutions that returned to EUR 0.97 million per MW. The first half of the year unfortunately also highlighted that permitting and regulatory uncertainty remain a key challenge to speed up the energy transition, and although supply chain disruptions are easing off, we expect disruptions to continue throughout the second half of the year."

Concluding on a positive note, he emphasized, "Vestas remains fully focused on becoming profitable and improving industry maturity and discipline to ensure the operational efficiency, quality, and scalability the energy transition requires. The global business environment is expected to remain challenging for the rest of 2023, and we want to thank our customers, partners, and 29,000 colleagues for their continued support and engagement in making Vestas and the industry profitable."