An entire industry is in danger of dying from neglect unless governments simplify rules for developers and slash red tape.
FILE - Three wind turbines stand in the water off Block Island, R.I, the nation's first offshore wind farm, Aug. 15, 2016.
It’s not the only one caught in squalls. Xinjiang Goldwind Science & Technology Co., the biggest turbine manufacturer, reported the following day that third-quarter profits fell 98%. On Wednesday, General Electric Co. said losses from its wind unit in 2023 and 2024 would total about $2 billion. Years of supply chain disruptions mean materials are more expensive, too. At the peak last year, the steel plate from which turbine towers are made cost almost triple the €600 a metric ton level at which it traded in recent years, and even now it’s running at €795/ton. Copper is also about a third above levels in the long metals bear market from 2013 to 2020.
A proposal in Europe’s plan to make permitting simpler instead promises additional rules on cybersecurity and preventing bids simply going to the best-value tender. Deferred payment terms and lower prices being offered by Chinese entrants are painted as a problem that needs to be excluded, rather than a competitive edge that must be matched.
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