Is renewable energy set for a renaissance? The sector has been hit by inflation, rising financing costs and project delays. Stocks have plummeted. Wind specialists have performed worst, with financial and managerial turmoil at the likes of Orsted and Siemens Energy.
Component costs are now cooling, which will help relieve some of the pressure. With more slack in its supply chain, solar now looks a better bet than wind.
Wind and solar have suffered from similar difficulties. Post-Covid dislocation snarled up supply chains. The cost of steel has soared. At its peak in 2022, Polysilicone, used to make solar panels, was more than four times more expensive than at the start of 2020, reckons the International Energy Agency.
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