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There really isn’t anything going right with wind power. It’s costly, people don’t want it in their views, China is taking it over and it can’t compete with fossil fuels once massive subsidies are pulled.
Wind power heavyweights Vestas Wind Systems A/S, General Electric Co. and Siemens Gamesa Renewable Energy SAare reeling from high raw material and logistics costs, changes in key clean-power subsidies, years of pressure on turbine prices and an expensive arms race to build ever-bigger machines.
“What I’m seeing is a colossal market failure,” said Ben Backwell, chief executive officer of trade group Global Wind Energy Council, noting a mismatch between government targets for new wind power and what’s happening on the ground. “The risk is we’re not on track for net zero [emissions] -- and the other risk is the supply chain contracts, instead of expanding.”
Wind power heavyweights Vestas Wind Systems A/S, General Electric Co. and Siemens Gamesa Renewable Energy SAare reeling from high raw material and logistics costs, changes in key clean-power subsidies, years of pressure on turbine prices and an expensive arms race to build ever-bigger machines.
“What I’m seeing is a colossal market failure,” said Ben Backwell, chief executive officer of trade group Global Wind Energy Council, noting a mismatch between government targets for new wind power and what’s happening on the ground. “The risk is we’re not on track for net zero [emissions] -- and the other risk is the supply chain contracts, instead of expanding.”
Wind Power’s ‘Colossal Market Failure’ Threatens Climate Fight
Optimism abounds about the future of wind power, with a clean-energy boom powering robust growth in an industry that businesses and governments agree is key to slowing climate change. But a nagging problem could keep the sector from fulfilling that promise: Turbine makers are still struggling to...
www.bloomberg.com