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Wind Power’s ‘Colossal Market Failure’ Threatens Climate Agenda

by Will Mathis, Ryan Beene, and Josh Saul
April 27, 2022, 8:06 AM
in News and Opinion
Reading Time: 4 mins read
A A
3

chinese wind turbineOptimism 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 translate soaring demand into profit. [bold, links added]

Wind power heavyweights Vestas Wind Systems A/S, General Electric Co., and Siemens Gamesa Renewable Energy SA are 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.”

A retreat from wind power could have devastating consequences, as it is set to play a pivotal role in global efforts to transition to green energy.

To limit warming to as little as 1.5 degrees Celsius, the world would need to start adding about 390 gigawatts of wind farms a year by 2030, according to the International Energy Agency.

In 2021, only about a quarter of that amount of wind capacity was added.

There could also be geopolitical implications from the U.S. and European companies’ challenges, as Chinese rivals move to expand outside their home market.

Western turbine manufacturers are now retrenching to shore up their bottom lines. The companies say they’ll compete for fewer projects in fewer markets, raise prices, streamline their product lineups, and cut manufacturing costs.

That comes just as surging fossil fuel prices should be making renewables more competitive.

“You absolutely need to see some of these profit pictures turn around for the decarbonization goals to be achievable,” said Aaron Barr, global head of onshore wind at consultancy Wood Mackenzie.

Profit Pressure

The pandemic roiled the wind industry, leading to supply-chain disruptions and a surge in costs for materials and shipping.

But the troubles started back in the mid-2010s, when governments started to pull back on generous subsidies and make tenders for renewable energy developers more competitive, according to Credit Suisse analyst Mark Freshney.

That fueled pressure to reduce turbine prices, squeezing manufacturers’ bottom lines.

It doesn’t help that the wind market is constrained by limited permitting for new projects.

The process usually involves federal planning and local approvals, and both can get gummed up by people who don’t want the giant structures dotting their view of a horizon.

Those dynamics have pressured margins just as turbine makers have invested heavily to roll out bigger turbines that can capture more wind.

These more powerful machines have helped drive down the cost of electricity from wind, but they’ve been costly for manufacturers to introduce.

The industry also faces an unstable pipeline for future work, which does little to incentivize greater investment.

“The risk is that we will not have suppliers ramping up,” said Martin Neubert, chief commercial officer at Orsted AS, the world’s largest developer of offshore wind farms. “We will have a shortage in terms of supply for meeting global demand.”

Chinese Rivals

A slowdown in U.S. turbine manufacturing risks further weakening the country’s energy independence.

Already, it counts on Chinese manufacturers for much of its supply of solar panels — a reliance that has contributed to trade tensions between the countries.

Now, Chinese competitors see opportunities in the wind market. Companies including Xinjiang Goldwind Science & Technology Co., Envision Group, and Ming Yang Smart Energy Group Ltd. plan to invest in factories abroad to take market share.

Vestas briefly held bragging rights for the world’s biggest turbine when it announced a 15-megawatt structure, but is an example of China’s increasing muscle, it was quickly overtaken when Ming Yang introduced a 16-megawatt machine in August.

A more recent sign of trouble for players outside China came earlier this month when Siemens Gamesa scrapped its full-year guidance and said it was tracking toward a profit margin of minus 4%.

Orders in its second-quarter fell to the lowest level since the company was formed through a merger in 2017.

h/t Rúnar O.

Read rest at Bloomberg

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Comments 3

  1. Tom says:
    3 years ago

    Leftists will only say we need another 50 million windmills and everything will be good.

    Reply
  2. Spurwing Plover says:
    3 years ago

    Wind Power is a total waste to invest in Wind Power and putting the whole Nation under Wind and Solar is a waste and Biden depends upon Junk Science and Liberal Democrat Politics

    Reply
  3. Randy Verret says:
    3 years ago

    How about a quick reality check: 1.) The supply chain for materials needed to support wind, solar & batteries is DOMINATED by China. Good luck outcompeting the Chinese in the world markets. They are too far ahead…TOO LATE!! 2.) If renewables are “cheaper” than conventional (thermal) electricity generation…GREAT! Then drop ALL the taxpayer subsidies that provide upfront project capital, contribute on transmission installation costs, make these sources responsible for RELIABILITY in contracts and grid access and pay a share for the “back-up” generation that is on standby for the SEVENTY percent of the time these intermittent sources are offline. LEVEL the playing field and you’ll quickly discover this is a VERY EXPENSIVE & inefficient way to generate electricity. You have data in the EU that clearly proves this point. 3.) Robert Bryce calls it the “Vacant Land Myth.” At this stage, I believe there is (something) like 300 towns, municipalities & local jurisdictions that have placed significant restrictions on wind development. Creditable engineering studies on wind development estimate a land mass as large as 1/3 of the area of the Lower 48 States may be needed to fully implement net zero goals relying (predominantly) on wind. Not to mention the massive bird & bat kills involved. When you look at the cost of offshore wind, it is much worse. So, this is a BAD DEAL for our domestic energy strategy. There is NOTHING clean about wind & solar, despite what the Sierra Club, et al spew out. Want to efficiently & effectively enhance our electric grid? Focus on combined cycle natural gas, modular nuclear and R & D on fusion as your transition plan over the long term for electricity generation. STOP getting “suckered” and educate yourself. Wind & solar are a “side show.” Recognize this misguided RUSE for what it is…

    Reply

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