New orders in Nordex Group’s projects business segment were down 49% to almost €1.11bn in first nine months of 2017, compared with about €2.17bn in the same period last year.

The German manufacturer’s service unit also suffered in the period, with new business of €193.9m, down from €424.1m in 2016.  

The third quarter was particularly difficult, with only €203m of new project orders, compared with €841.0m last year.

Nordex said this was mainly down to the German market, where the order intake “remained in the single-digit million euro range”. 

Revenue in the period remained static compared with last year at more than €2.36bn, the same figure as 2016.

However, earnings before interest, taxes, depreciation and amortisation fell 11% to €181.9m this year, from €203.9m in 2016.

Nordex chief executive Jose Luis Blanco described the current environment for wind turbine manufacturers as “turbulent times”.

He said: “Driven by the introduction of auc­tion markets, wind power generation costs are rapidly closing in on the price level of conven­tional power sources and are already under­ cutting them in many markets.

“I am sure that this fact will spur on our sales opportunities in coming years. At the same time, this develop­ment poses a great challenge to the efficiency of our wind power systems.”

Blanco added that “without question” the company’s business performance is being “hit negatively by this intense competition”.

Image: Nordex