Funding in new wind energy capability in Europe slowed right down to EUR 17 billion (USD 18.44bn) final 12 months, marking the bottom stage since 2009, as market interventions and nonetheless present hurdles are making traders reluctant to embark upon new tasks.
The investments had been made to finance wind farms with a complete capability of 12 GW throughout Europe which shall be put in over the following years. The EU accounts for 10 GW of the overall financed capability, business affiliation WindEurope stated in its newest report.
The funding stage reached in 2022 represents a pointy drop from the EUR 41 billion spent on new wind capability in 2021.
The weak funding sentiment is a results of larger prices for uncooked supplies and worldwide delivery mixed with excessive inflation and skyrocketing electrical energy costs. As well as, the complicated allowing course of for brand spanking new wind vitality tasks coupled with measures on electrical energy markets reminiscent of income caps and nationwide clawback measures have brought about an extra deterioration within the funding local weather within the business, the affiliation stated.
With EUR 2.3 billion in investments, Germany is the European nation that invested probably the most in new wind farms in 2022. Second got here Finland with EUR 2.1 billion, adopted by Poland with EUR 1.9 billion in new onshore wind tasks.
The one investments in offshore wind in 2022 had been made in France in two floating wind tasks with a mixed capability of 60 MW — EolMed and Eoliennes Flottantes du Golfe du Lion (EFGL).
Final 12 months, a complete of 16 GW of latest wind capability was deployed throughout the EU with new additions anticipated to common 20 GW within the subsequent 5 years, in accordance with WindEurope’s estimates.
WindEurope’s chief government Giles Dickson sounded the alarm, saying: “The EU needs to build 31 GW of new wind turbines every year to reach its 2030 targets. But the numbers speak a different language. Last year’s investments in new wind farms only add up to 10 GW. At the same time turbine orders are down and the EU is only building half as much new wind as it needs. The EU must urgently restore investor confidence and channel money into its wind energy supply chain if it wants to reach the REPowerEU objectives.”
(EUR 1 = USD 1.085)
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