Vestas to review U.S. operations if PTC expires: CEO

COPENHAGEN (Reuters) - Danish wind turbine maker Vestas will review its manufacturing in the United States in the fourth quarter if the U.S. production tax credit (PTC) is not extended, the group’s chief executive said on Wednesday.

CEO Ditlev Engel also told Reuters that he did not expect to see the same development cost problems with the company’s new 7-megawatt turbine as it has had with the industrialization of its V112-3.0 MW turbine.

“If one looks at the other development in Vestas, then things have gone quite reasonably,” Engel said.

Engel’s remarks followed Vestas’ downgrade of its full-year 2011 guidance on Tuesday due to higher-than-expected costs and delayed revenue.

“In the fourth quarter, we probably must decide what we will do if the PTC is not extended,” Engel said.

Reporting by Ole Mikkelsen