Vestas’s Offshore Wind Turbine Order Backlog Stood at EUR 5.5 Billion on 30 June 2024

August 14, 2024, by Adrijana Buljan

Vestas has posted its results for the second quarter of 2024 which show the company’s offshore wind turbine order backlog on 30 June was at 4,489 MW and amounted to EUR 5.5 billion, EUR 3.1 billion more than in the same period last year.

The total wind turbine order backlog stood at a little over 27 GW and EUR 28.1 billion at the end of the second quarter, up from around 20 GW and EUR 20 billion on 30 June 2023. According to the wind turbine manufacturer, this “reflects significant offshore order intake in Poland and Germany as well as a high level of onshore order intake in the USA”.

According to Vestas’s financial report, the average selling price of a wind turbine in Q2 2024 was EUR 1.21 million/MW, up from the average of EUR 1.04 million/MW in Q2 2023.

Order intake for offshore wind projects in Q2 2024 is shown as being 660 MW of the total of 3,596 MW in wind turbine orders received during the quarter, which corresponds to a value of EUR 4.4 billion and an increase of 54 per cent compared to Q2 2023.

In addition to the EUR 28.1 billion wind turbine order backlog, the company had service agreements at the end of the second quarter with expected contractual future revenue of EUR 34.9 billion. Taking this into account, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 63 billion, an increase of EUR 11.4 billion compared to the year-earlier period, according to Vestas.

In terms of delivered wind turbines, the company says it had a total of 182 GW of capacity installed in 88 countries by the end of June this year.

In the second quarter, Vestas delivered wind turbines totalling 2,417 MW in capacity, of which 394 MW in offshore wind turbines. The total deliveries in Q2 saw a 14.6 per cent decrease compared to the same period last year which the company attributes to lower deliveries in onshore wind (offshore wind deliveries in Q2 2023 were 395 MW).

Overall, Vestas reported revenue of EUR 3.3 billion in the second quarter of 2024, a decrease of 3.9 per cent compared to the same period in 2023, and narrowed its full-year guidance. The company now expects its revenue to range between EUR 16.5 billion and 17.5 billion (previously EUR 16 billion to 18 billion), including service revenue.