The European wind industry has warned of continued difficulties in 2023 as high materials costs and slow approvals for new wind power projects drag back profitability, despite rising demand for renewable energy.
The latest poor outlook came from Danish wind turbine maker Vestas, which told investors on Friday that it would suffer a weaker year as the slow EU planning system and supply chain inflation depressed profits.
Siemens Gamesa chair Christian Bruch also said last week that the industry was “facing serious financial challenges,” while wind farm developer Orsted announced a $365mn impairment on a major US offshore project thanks to “unprecedented cost inflation”.
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