05/24  Closing Prices / revised 05/27/2024 07:50 GMT 05/24    OPEC Basket  $81.92  -$0.49 cents     | 05/24    Mexico Basket (MME) $73.35  +$0.89 cents   | 04/30 Venezuela Basket (Merey)   $74.91   +$3.93 cents | 05/24   NYMEX WTI Texas Intermediate June CLM24   $77.72   +$0.85 cents  | 05/24    ICE Brent July  BRNN24     $82.1     +$0.76 cents    | 05/24    NYMEX Gasoline June RBM24     $2.48  +0.6%    |  05/24   NYMEX  Heating Oil June  HOM 24     $2.41   +0.1% | 05/24     Natural Gas June NGM24  $2.52     -5.2%   | 05/24    Active U.S. Rig Count (Oil & Gas)    600  -4  | 05/27    USD/MXN Mexican Peso  16.6994  (data live)  | 05/27   EUR/USD    1.0850 (data live)  | 05/27   US/Bs. (Bolivar)   $36.51290000 ( data BCV)

EU Aims to Counter China by Bolstering Wind Energy Industry – Bloomberg

 Europe to monitor closely for potential unfair trade practices
 EU Commission to pledge faster wind permits, more financing
Europe to monitor closely for potential unfair trade practices, EU Commission to pledge faster wind permits, more financing (Bloomberg)

John Ainger and Ewa Krukowska, Bloomberg News

EnergiesNet.com 10 18 2023

The European Union will pledge to prop up its wind industry in the face of toughening global competition, supply-chain bottlenecks and financing concerns to ensure that the bloc can meet ambitious climate and sustainable growth plans.

The European Commission will look to improve access to EU financing, speed up permitting and overhaul the way countries conduct auctions to provide renewable energy so they take into account factors beyond cost, such as cyber-resilience and carbon content of new wind farms, according to a draft seen by Bloomberg. 

The executive branch will vow to closely monitor possible unfair trade practices that benefit foreign manufacturers, including close scrutiny of potential subsidies for wind-related products imported into the 27-nation bloc. While Europe’s wind industry is a world leader, its policymakers are wary of increasing pressure from China, an important supplier of raw materials and components and an increasingly serious competitor.

With prices on average 20% lower than those of European and US counterparts, backed sometimes by attractive deferred payments, the role of Chinese companies abroad has been increasing steadily, the Commission said.

“All evidence put forward by the industry in terms of possible unfair practices will be thoroughly investigated by the Commission,” according to the draft.

Europe is trying to accelerate its shift to a climate-neutral economy and boost energy security against a backdrop of higher prices and weak growth. But policymakers want to prevent those efforts from boosting sales by foreign producers from countries such as China. The EU’s trade balance with the Asian country in the sector reached a record deficit of 462 million euros ($488 million) last year, according to the Commission.

Read More: EU to Push ‘Made in Europe’ Tag in Green Industry, Sefcovic Says

In its action plan for wind energy to be unveiled on Oct. 24, the EU executive branch will also encourage the industry to submit further evidence of foreign distorting subsidies. The concern is that the sector’s stature may slip, similar to how solar panel manufacturers lost out to China more than a decade ago. The bloc recently launched a probe into the Chinese electric vehicle sector.

The wind package comes as the EU looks to rapidly scale up renewables in its energy mix to at least 42.5% by the end of the decade — a task that has become more urgent after Russia’s invasion of Ukraine caused gas prices in the region to spike. A separate plan for bolstering offshore renewable energy is also set to be published next week.

Even as the projections for European and global wind deployment are bright, the industry in the EU has been facing challenges. All the largest turbine manufacturers reported significant losses in 2022. And the 16 gigawatts of new projects installed last year fell short of the 37 gigawatts per year needed to help achieve the EU’s 2030 target. 

Measures in the plan will include:

  • Rolling out digitalisation of the permitting process across all member states and extension of an emergency regulation to accelerate permitting
  • Establishing an interactive EU digital platform where member states’ planning for auctions will be published
  • Overhauling auctions design to include a set of pre-qualification criteria relating to cyber-security, sustainability, and ability to deliver
  • Identifying cybersecurity risks with respect to wind energy installations and infrastructure
  • Expanding support for wind energy under the Innovation Fund by doubling the budget for financing clean technology manufacturing projects to 1.4 billion euro
  • Working with the European Investment Bank to deploy by the end of the year a dedicated instrument to counter-guarantee commercial banks’ credit exposures to key wind industry suppliers

The EU also plans to adopt next month an action plan for grids to help accelerate key cross-border electricity infrastructure projects. 

bloomberg.com 10 18 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top