German energy firm shaves €3bn from spending plans for next financial year to €7bn
Renewable developers have been forced to compete for supplies of products used for green projects in recent years as demand for new wind farms has risen.Renewable developers have been forced to compete for supplies of products used for green projects in recent years as demand for new wind farms has risen.
The company, which is behind a string of wind and solar projects, on Wednesday shaved €3bn from its spending plans for the next financial year to €7bn, down from €10bn in 2024. It will also delay its plans to invest €55bn in renewables before 2030.
“It’s not good news for US renewables but it could be helpful because it means the US will not be sucking up the global supply chain,” Phillips-Davies said.Siemens Energy, one of the world’s largest wind turbine makers, on Wednesday reported a net income of €1.3bn for its last financial year as it begins to emerge fromand establish its own manufacturing capabilities. This would help the UK to deliver domestic projects at lower cost and increase exports to the rest of the world, he said.
Michael Müller, the chief financial officer of RWE, which has multi-billion euro plans to develop windfarms in the US, said that its investment plans for the rest of the decade would “slip back” following the election result, and due to delays to Europe’s green hydrogen plans. “But we will have to wait and see how things develop in the future,” he added.
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