From the NoTricksZone
By P Gosselin
Green energies in turmoil… Projects are being postponed, scaled back…
Europe's largest green electricity producer drastically reduces expansion plans for wind and solar energy
Europe's green energy projects are in the doldrums. Photo: P. Gosselin
Europe's leading green energy producer Statkraft is drastically scaling back its plans for new wind and solar power plants due to falling electricity prices and rising costs, reports German online magazine Blackout News, a leading website for independent German energy news.
According to company CEO Birgitte Vartdal, market conditions have become more difficult as the company's ambitious goals in wind and solar energy are now being questioned.
Statkraft's new target is two to two and a half gigawatts per year instead of the originally planned four gigawatts.
“In the area of offshore wind energy, the group is now planning a total output of six to eight GW. The original target was ten GW,” adds Blackout News.
The withdrawal follows plans by other European countries to slow down expansion. This includes the Danish energy group Orsted, which has “reduced its targets by more than ten GW” and also “cancelled two offshore wind projects in the USA and reported impairments of 28.4 billion Danish kroner (approx. 3.8 billion euros).”
Portugal's largest energy supplier, Energias de Portugal (EDP), has also scaled back its investment plans due to “deteriorating market conditions.” In addition, the French energy supplier Engie had previously postponed the development of hydrogen projects.
Leading politicians point out that the projects have become “significantly more demanding” and offer “no relative return”.
The result was a collapse in value for solar and wind turbine manufacturers, and ESG equity funds “recently suffered $38 billion in outflows,” Blackout News reports.
Blackout News is run by an independent and nonpartisan small group of engineers with experience in energy management.
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