Some of the world’s biggest wind energy companies are making huge losses despite their economies of scale.
Despite the sharp growth over the last decade, companies are realising that it is difficult to translate wind power into profits.
Wind energy has grown exponentially in recent years thanks to a huge amount of funding in research and development and the rollout of several large-scale onshore and offshore wind farms around the globe. Innovations in turbine technology have led to the development of giant power generators that are much safer, more reliable, and quieter than their predecessors. , a 17 percent increase from the previous year.
In June last year, there were reports that some of the world’s biggest wind energy companies were battling heavy losses. Vestas Wind Systems, General Electric Co., and Siemens Gamesa Renewable Energy all faced extremely high raw material and logistics costs following the pandemic when supply chains were disrupted. This came after an arms race in which wind majors were competing to build the tallest, most powerful wind turbines at whatever cost would put them ahead of the rest.
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