Nordex CEO 'not concerned' about German coalition break-up or Trump election victory
Even a possible end or weakening of the US IRA won't 'rock the boat', José Luis Blanco tells investors
Nordex CEO José Luis Blanco said he is not concerned about the impact of the collapse of the German government or the re-election of Donald Trump as US president and reassured the commitment of his company to both markets.
“Legislation is currently in place until the end of 2026,” he added, but it wasn’t clear which legislation he meant. The outgoing government had enacted a flurry of laws and regulations to ease permitting, lessen bureaucracy, make wind turbine and blade transport easier and boost wind and solar tendering volumes.
Nordex expects a significant order volume in the current fourth quarter of 2024, and about “one-third will come from Germany”, Blanco estimated.
Regarding the coming government in Germany, the CEO said: “Who will be elected, and what the new government might do in Germany is super early to say.”
Current opposition leader Friedrich Merz from the conservative Christian Democrats (CDU) had lobbied for reviving nuclear power in Germany, which is “a choice some countries are taking,” Blanco acknowledged.
But he cautioned nuclear “has a 10 to 15 year lead time, so I don’t think this will impact the short or mid-term energy demand of such a powerhouse country that needs to get cheap power and fast power.”
That could only be reached through wind energy, he added.
“I am not very concerned.”
Wind power “for sure is part of the solution, Blanco said.
“We keep calm and with a long-term view.”
The Nordex CEO stressed that in Trump’s previous term, record volumes of wind power had been installed in the US market.
“So, let’s stay calm and see what the actions [will] tell. I am not concerned either.”
Asked about a possible end or lowering of manufacturing credits granted under President Biden’s Inflation Reduction Act (IRA), Blanco said that nevertheless, it will still make sense to go ahead with the reactivation of the Iowa plant.
“We can digest, accelerate or slow down, we have a quite diversified supply chain. We can deal with duties, with different scenarios. We will adapt. I wouldn’t say this is gonna rock the boat.”
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