Despite the energy crisis, wind power investments in European countries have fallen to 17 billion euros, the lowest level in the past 13 years.
According to the annual financing and investment trends report of the Brussels-based European Wind Energy Association (WindEurope), European countries’ investments in wind energy in 2022 declined significantly despite the Russian-Ukrainian war, as the energy crisis and renewable energy were at the top of the agenda.
European countries’ investments in wind power plants decreased from 41 billion euros in 2021 to 17 billion euros in 2022.
Consequently, wind energy investments in European countries fell to the lowest level measured since 2009.
Despite the goal of enhancing energy supply security and accelerating wind power generation for affordable electricity, recent EU interventions in the market have shaken investor confidence.
Last year, Germany made the highest investments in wind power plants in the European Union, amounting to 2.4 billion euros, Finland with 2.1 billion euros, Poland with 1.9 billion euros, and Sweden with 1.8 billion euros.
A total of 12 GWh has been funded in Europe and 10 GWh in EU countries.
Wind turbine orders from European countries also declined. Rising input costs and persistent supply chain problems have negatively impacted wind energy investments.
Raw material prices and transportation costs also rose with the war, inflation and high electricity prices.
As a result of these increases, the cost of producing wind turbines in Europe has increased by 40 percent in the past two years.
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