Rising construction and financing costs are likely to require fresh policies from the UK and US
One of the world’s biggest wind turbine makers has reignited concerns over the headwinds facing the industry after losing billions in market value this week.with the German government to secure €15bn of guarantees to shore up its balance sheet. The company expects heavy losses this year after faults were discovered in its newest turbine models.
“Wind power is literally on the rise globally,” Kemfert said. “The problems at Siemens Gamesa are homemade. The group must get a grip on quality problems. The fact that this has not been done to a sufficient degree to date is astonishing and must be changed.” Vattenfall said it would stop work on Norfolk Boreas, designed to power the equivalent of 1.5m British homes, because a 40% increase in its costs, in large part due to higher prices for energy and materials, meant it was no longer profitable.of £37.35 per megawatt hour to win a government support contract for the project but, following a surge in global energy prices, said it would now need a “significantly higher” subsidy for its project to make financial sense.
The Danish windfarm giant Orsted, meanwhile, has raised concerns about supply chain glitches and soaring interest rates, and told investors of a near £2bn writedown due to delays to a string of windfarm projects in the US.The company is spearheading seven projects in the north-east of the US, enough to supply the equivalent of 2m homes with clean electricity.
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