Legislation in the US and Europe is expected to boost activity towards the end of the year
Wind powerWind turbine makers expect their fortunes to remain challenging this year, but are hoping for a turnround in 2024 as US legislation fuels investment there and European policymakers speed up the years-long permitting process.and Siemens Gamesa warned in January that the wind industry would continue to suffer in 2023, due to high materials costs and slow approvals for new wind power projects in Europe.
These last 12 months, however, have been a rocky time for the windpower industry, despite a growing demand for renewable sources amid the European energy crisis, Inflation and supply chain delays have squeezed margins and contributed to job cuts. At the same time, the slowin Europe has held back growth in the sector, which faces aggressive competition from China.
Alessandro Boschi, head of the European Investment Bank renewable energy division, says the slow permitting process is “one of the main reasons for investments not picking up at the pace needed”.about a fifth of permitted projects in Germany faced legal challenges — including from environmental groups and individuals on wildlife protection grounds. This level of opposition remains about the same today, it notes.
Vestas’s group senior vice-president of marketing and public affairs, Morten Dyrholm, says the IRA is “a good example of what we think policymakers should be focusing on” — but adds that the company is awaiting official guidance from the US tax authorities on how they can use the act.Even so, Dyrholm expects the IRA to drive a significant rise in renewables investment. The “risk” for Europe is that future investments move to other growth markets, including the US and Asia, he says.
Backwell says most countries have under invested in the wind supply chain, apart from China. “You can see certain markets becoming very tight in the coming years,” he predicts, given the fact that supply chains will struggle to keep up with rising demand. More investment and co-ordination between industry and governments will be needed to meet increasing demand, he believes.
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