Shares in Denmark's Vestas -- the world's #1 wind turbine maker -- shot up 8 percent last Friday on news that the company had an order backlog worth $10.7 billion. The backlog grew 67 percent since a year ago -- a strong indication of continued robust growth.
The company also announced it was investing $120 million in a new factory in Colorado -- on top of $200 million it's already sinking into another factory -- which will bring 1350 new jobs to the state. That is going to put a total of 2450 people on the Vestas payroll in Colorado.
Shares in Denmark's Vestas -- the world's #1 wind turbine maker -- shot up 8 percent last Friday on news that the company had an order backlog worth $10.7 billion. The backlog grew 67 percent since a year ago -- a strong indication of continued robust growth.
The company also announced it was investing $120 million in a new factory in Colorado -- on top of $200 million it's already sinking into another factory -- which will bring 1350 new jobs to the state. That is going to put a total of 2450 people on the Vestas payroll in Colorado.
It's nice that this Danish company that owns a 25% market share in wind turbines globally is outsourcing clean tech jobs to the US, ain't it?
The best part, though, is that the development is playing into the volatile energy politics of the state. As renewable energy takes on a new attractive luster, incumbent oil and gas industries in Colorado are being rocked back on their heels.
Might this be the preview of a larger national drama?
It's a question the Washington Post explores on its front page today.
Colorado's growing political and economic commitment to renewables is causing fear in the oil and gas industry, which is fighting to keep its tax breaks and its influence over state rulemaking.
"We're not feeling very cherished," said Collins, whose oil and gas association represents more than 30 companies. The group objects to an initiative on the ballot in November; it would eliminate the industry's 87.5 percent property tax exemption, estimated to cost the state treasury $230 million to $320 million a year.
If the ballot rule passes, the tax money will be channeled to renewable fuels, wildlife conservation and education.
The good news is that on this ballot measure, it's the voters who are the deciders. They already voted in favor of an initiative to require 10 percent of the state's electricity from renewable fuels.
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The state's largest utility fought the proposal, warning that any shift from coal and natural gas would be costly, uncertain and unwise.
Then a funny thing happened. The ballot initiative passed, and Xcel Energy met the requirement eight years ahead of schedule. And at the government's urging, its executives quickly agreed to double the target, to 20 percent.
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An 87.5 percent property tax exemption? Seems like it's high time the oil and gas industry learned to survive without that kind of generous government giveaway.
Not only in Colorado.