European wind power targets achievable after investment, expansion allowed

Julia Petroni

Industry body WindEurope says record new generation capacity, faster project permitting and a rebound in investment are raising hopes that the European Union’s medium-term goals for the wind power sector are on track to be met. Ta.

High interest rates, inflation and a supply chain crisis have hit the sector hard recently, leading to a wave of write-downs and forcing developers to postpone projects. However, the group’s latest report said there was a significant improvement last year as inflationary pressures eased and policy support increased, allowing for faster project permitting and stronger investment.
WindEurope chief executive Giles Dixon said on Wednesday: “The wind power situation in Europe is looking up again.”  “Europe’s wind power supply chain is returning to profitability and building new factories needed to meet EU targets.”
According to the report, the EU will install 16.2 gigawatts of new wind energy in 2023, led by Germany, the Netherlands and Spain.  Wind power accounts for 19% of the EU’s total electricity consumption, with renewables accounting for 42% of the electricity mix.
Meanwhile, permits for new wind farms increased significantly, with Germany and Spain each approving 70% more onshore wind permits in 2023 compared to 2022 levels. Investment also surged, with offshore wind power alone reaching 30 billion euros ($32.5 billion), up from 400 million euros a year earlier.
“The EU and national governments recognized that Europe’s wind industry was in distress and needed urgent support,” WindEurope said.
The group expects the EU to install an average of 29GW of wind power per year between 2024 and 2030, reaching a total of 393GW of wind capacity by the end of 2010, close to the 425GW needed by 2030. He said there was. target.
But to connect new wind farms and enable the rapid expansion of renewable energy, the government now needs to accelerate the construction of the electricity grid and increase investment in transport infrastructure, according to industry groups. is said to be in demand.
“Hundreds of gigawatts of new wind farms are currently awaiting grid connection,” WindEurope said.  “Delays in building onshore and offshore grid connections are putting the timely commissioning of new wind farms at risk.”
Email Giulia Petroni at giulia.petroni@wsj.com.