Wind turbine prices are forecast to increase by 10% in the next 18 months.
That’s according to new research by the research and consultancy firm Wood Mackenzie, which suggests this change is due to an increase in steel, copper, aluminium and fibre prices, coupled with a four-fold rise in logistics costs.
The authors of the report predict this trend will continue for the next four to five quarters.
Shashi Barla, Wood Mackenzie Principal Analyst, said: “Turbine Original Equipment Manufacturers and component suppliers face a double whammy of cost increases and demand softening over the coming two years due to the US Production Tax Credit and China feed-in-tariff phaseouts.
“Despite this rise in costs, we expect turbine prices to return to normal levels by the end of 2022.”