As I touched on these pages a week ago, although it is the biggest wind company in the world in a booming industry, Vestas is in a tight spot.

Citing component delays, a weak dollar, warranty provision and a patent dispute, Societe Generale believes all of these could prevent the group from reaching 4%-7% margin (not very much even then) in 2006. Consequently, they are holding on to their sell rating.

I tend to think that the future of manufacturing is no longer in Western Europe, less still, Scandinavia. Suzlon is making inroads and rightly so. As someone who admires and agrees with much of Thomas L. Friedman's book "The World is Flat", I tend to think that if you're not doing everything at lowest possible cost with the highest possible service, your potential customers either already know or will do very quickly.

Whether you like it or not, in a transparent world market, high cost, high tax countries like Denmark, will never manufacture wind turbines at a competitive price, no matter how good your management is.