The wind industry’s success has become its biggest threat – Energy Voice

The head of one of the world’s biggest developers of renewable energy, Denmark’s Orsted, worries that the energy transition could see a slowdown as rising competition and interest rates squeeze returns and upend the case for investment.

Creating the impression that wind power costs could only tumble was the biggest mistake that the industry ever made, Henrik Andersen, CEO of the world’s largest turbine maker, Vestas Wind Systems A/S, told Bloomberg last year. Many developers who bought into that promise are now struggling to adjust. In the US, companies meant to be building the first wave of wind farms in the Atlantic Ocean are trying to renegotiate contracts because the price at which they agreed to sell power is no longer viable. There’s a risk that the same could happen in the UK, the world leader for offshore wind following a government auction last year that set a new record low for power price.  https://www.energyvoice.com/renewables-energy-transition/wind/476758/the-wind-industrys-success-has-become-its-biggest-threat/