Wind turbine builders face headwinds

A wind turbine out of two in the world was produced by European manufacturers. However, they are going through serious difficulties. The Danish Vestas suffered a net loss of 119 million euros in the second quarter, against a profit of 83 million last year at the same time. His German-Spanish rival Siemens Gamesa is no better: it lost more than 200 million euros in the second quarter and revised down its forecast for the year. GE Renewable Energy, headquartered in Paris, lost more than $400 million in the second quarter and lowered its 2022 targets.

This is the paradox of the sector: accumulating losses despite fabulous growth prospects. Thanks to the energy transition, investments inoffshore wind are expected to double by 2030 worldwide to reach 100 billion dollars, according to Rystad Energy. But since the end of the Covid crisis, the industry has suffered from the kilowatt-hour race…