Red figures – wind companies are in crisis

Dusseldorf Never before have so many new wind turbines been built in the European Union as last year. The member states installed more than 24 gigawatts of wind power output for almost 41 billion euros. Manufacturers’ order books are full, and the prospects are even better. After all, wind energy is the most important pillar to achieve the goal of climate neutrality.

Nevertheless, large providers such as Siemens Gamesa, Nordex and GE Renewables are in the deep red. Market leader Vestas had to cut its forecast for the fourth time in a row earlier this week. The wind companies make no money. And not just since record raw material prices, supply chain problems and the Ukraine war have been affecting business.

“Some manufacturers had very ambitious growth plans and large factories that had to be filled. Prices were knocked out that can’t hold up now,” reports an industry insider.

Vestas CEO Henrik Andersen even appeals to his competitors to finally put an end to the ruinous price war, otherwise one cannot be sure that all manufacturers will survive this phase.