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Banks jumped 0.8%, while oil and gas stocks retreated 1%. European stocks opened mixed on Thursday as global markets react to the U.S. Federal Reserve's latest monetary policy decision and a slew of corporate earnings. Federal Reserve Chair Jerome Powell said it was unlikely that the central bank's next move will be a rate hike. Asia-Pacific markets were mostly higher overnight as traders reacted to the Fed's stance, while U.S. stock futures advanced as investors looked ahead to more corporate earnings due Thursday. Dutch bank ING was 5% higher in early deals after announcing a 2.5 billion euro ($2.7 billion) share buyback.

Persons: Banks, Jerome Powell, It's, Vestas, Hugo Boss Organizations: U.S, U.S . Federal, Dow, region's, Novo Nordisk, Shell, ING, AXA, ArcelorMittal Locations: London, U.S ., Asia, Pacific, Europe

☆ Navigating the energy transition
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNavigating the energy transitionCNBC's Steve Sedgwick speaks to Marco Alvera, CEO at TES, Vaishali Sinha, co-founder at ReNew, Alfred Stern, CEO at OMV, Bold Baatar, CEO at Rio Tinto Copper, and Henrik Andersen, CEO at Vestas.

Persons: Steve Sedgwick, Marco Alvera, Vaishali Sinha, Alfred Stern, Henrik Andersen Organizations: TES, Vaishali, Rio Tinto Locations: Rio, Vestas

☆ Will leaders stay focused on the green agenda? Watch CNBC’s Sustainable Future Forum from Davos 2024
▼ + stars: | 2024-01-25 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

CNBC's "Sustainable Future Forum" returned as a special event live from the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland. CNBC convened top policymakers and business leaders to evaluate the outcomes of COP28 and examine what needs to happen in 2024 to ensure pledges are upheld, and progress is made. This panel examines what needs to happen to stay on course. watch nowNavigating the Energy TransitionCOP28 climate summit reached a historic deal to transition away from fossil fuels but did the agreement go far enough? Guests on the panel included: Marco Alvera, CEO, TES Vaishali Sinha, co-founder, ReNew Alfred Stern, CEO, OMV Bold Baatar, CEO, Rio Tinto Copper Henrik Andersen, CEO, Vestas

Persons: Badr Jafar, Daniel F, Feldman, John Kerry, Biden Rachel Kyte, Sanda Ojiambo, Tania Bryer, Kofi Annan, Marco Alvera, TES Vaishali Sinha, Alfred Stern, OMV, Rio Tinto Copper Henrik Andersen, Vestas Organizations: Economic, CNBC, Crescent Petroleum, Business, Philanthropy, Conference of, UN, Partner, Staff, Initiative, Energy, TES Vaishali, Rio Tinto Copper Locations: Davos, Switzerland, Dubai, Covington, Rio

☆ Vestas CEO: 'Permitting is one of the critical questions' surrounding the energy transition
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVestas CEO: 'Permitting is one of the critical questions' surrounding the energy transitionHenrik Andersen, CEO of Vestas, discusses the wind energy sector and hurdles that the green energy industry is facing.

Persons: Henrik Andersen

REUTERS/David Swanson/File photo Acquire Licensing RightsNov 24 (Reuters) - Canceled offshore wind projects, imperiled solar factories, fading demand for electric vehicles. A year after passage of the largest climate change legislation in U.S. history, meant to touch off a boom in American clean energy development, economic realities are fraying President Joe Biden’s agenda. Clean energy experts interviewed by Reuters say the mounting setbacks will make the United States' ambitious targets to decarbonize by mid-century even harder to reach. Solar energy facilities account for two thirds of those delays due in part to U.S. import restrictions. "These are the normal ups and downs of clean energy development and deployment," Reicher said.

Persons: David Swanson, Joe Biden’s, Biden, John Hensley, Wood Mackenzie, “, Ali Zaidi, Prakash Sharma, that's, Vic Abate, it's, Robert Walther, Walther, Dan Reicher, Reicher, Nichola Groom, Richard Valdmanis, Alistair Bell Organizations: REUTERS, Soaring, Ford, Reuters, American Clean Power Association, United Nations, White, Dominion Energy Inc, TEN, GE, Biden, Treasury Department, Trump, Stanford University, Thomson Locations: Palm Springs , California, U.S, Washington, Nations, Egypt, Dubai, United States, Paris, Virginia, Gulf of Mexico

☆ Wind power industry in moment of reckoning as stocks fall and earnings crumble
▼ + stars: | 2023-11-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Ina Fassbender | AFP | Getty ImagesRenewable energy firms are mostly suffering a dire earnings season as struggling supply chains, manufacturing faults and rising production costs eat into profits. Manufacturing faults, most notably at Siemens Energy 's wind turbine subsidiary Siemens Gamesa, have emerged as companies race to build turbines at a greater pace and scale. Specialist wind energy firms are also often finding themselves outbid for seabed licenses by traditional oil and gas players. As a result, most wind energy stocks are down sharply since the turn of the year. The firm's economists said the past earnings season was a "learning moment" for the industry.

Persons: Ina Fassbender, Ørsted, Vestas, Henrik Andersen, " Andersen, Jacob Pedersen, it's, " Pedersen, CNBC's, Pedersen Organizations: International Energy Agency, AFP, Getty, Siemens Energy, Siemens Gamesa, Allianz Research, CNBC Wednesday, Sydbank Locations: Germany, Europe, U.S

☆ CNBC Daily Open: Earning’s better than revenue this season
▼ + stars: | 2023-11-09 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Streak continues, sans DowMajor U.S. indexes continued their blistering winning streak Wednesday — except for the Dow Jones Industrial Average, which snapped a seven-day streak. Weakness in ArmArm reported earnings for the first time after its initial public offering. Stock markets are enjoying their longest winning streak in two years.

Persons: Mickey, Minnie, Marks, Spencer, — Organizations: Paris, CNBC, Dow Major, Dow Jones, Disney, UBS UBS, UBS, Credit Suisse Locations: Marne, Paris

☆ Siemens Energy shares slide 39% after company seeks guarantees from German govt
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. The weekly said Siemens Energy is seeking up to 15 billion euros in guarantees. Siemens remains an anchor investor in Siemens Energy, retaining a 25.1% stake. The government was ready to help Siemens Energy while stakeholders also will have to play their role, they said. J.P. Morgan said in a note that the energy transition will require substantially higher rates of investments, which will bring commercial opportunities for Siemens Energy and sector peers.

Persons: Chris Helgren, Siemens Gamesa, WirtschaftsWoche, Morgan, Matthias Inverardi, Christian Kraemer, Alexander Huebner, Vera Eckert, Friederike Heine, Miranda Murray, Sabine Wollrab, Rachel More, Jan Harvey, Susan Fenton Organizations: Siemens Energy, REUTERS, Companies Company, Siemens, Siemens AG, Reuters Graphics Reuters, Spiegel, European Commission, Siemens Gamesa, Thomson Locations: Vancouver , British Columbia, Canada, BERLIN, Berlin

☆ Turbine troubles have sent wind energy stocks tumbling — and a slew of issues remain
▼ + stars: | 2023-10-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

A Siemens Gamesa blade factory on the banks of the River Humber in Hull, England on October 11, 2021. Siemens Energy made the headlines earlier this year when it scrapped its profit forecast and warned that costly failures at wind turbine subsidiary Siemens Gamesa could drag on for years. It sparked concerns about wider problems across the industry and thrust Europe's wind energy giants' earnings into the spotlight. Read more:Deutsche had previously highlighted challenges in the wind turbine industry including supplier delays, lower tax credits and rising rates. Reliability issues Those surveyed by ONYX also expressed reliability concerns, with 69% expecting more reliability issues due to aging assets and 56% seeing problems associated with new turbine technology.

Persons: PAUL ELLIS, Kepler Cheuvreux, Morgan Stanley, Morgan, Ben Uglow, Ørsted, Read, —, Ashley Crowther, Crowther Organizations: Siemens, AFP, Getty, Siemens Energy, Grid Technologies, Siemens Gamesa, Gas, Grid, Deutsche Bank, Deutsche, Vestas, ONYX Locations: Hull , England, Ukraine

☆ SP80 aims to have the fastest sailboat in the world next year. See photos of the futuristic craft poised to break records.
▼ + stars: | 2023-10-03 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +4 min

Company SP80 is trying to break the world record for the fastest sailboat. The fastest sailboat speed is currently 65.45 knots — SP80 is gunning for 80 knots, or 92 mph. The SP80 boat was displayed at this year's Monaco Yacht Show. AdvertisementAdvertisementWith its slender frame, white exterior, and extraterrestrial vibe, SP80 is looking to break the record for the world's fastest sailboat. The SP80 boat is 34 feet long, 25 feet wide, and weighs about 330 pounds, per the company's site .

Persons: SP80, gunning, —, Laura Manon, Manon, Mayeul van den Broek, Xavier Lepercq, Benoit Gaudiot, Paul Larsen, Richard Millie, van den Broek, what's Organizations: Service, Lake, Monaco Locations: Monaco, Lake Geneva, France

We are growing but nowhere near fast enough," said Ben Blackwell, CEO of the Global Wind Energy Council. In June, Siemens Gamesa said quality problems at its two most recent onshore wind turbines would cost 1.6 billion euros ($1.7 billion) to fix. "The ratio between risk and reward is out of line in the offshore wind market in many jurisdictions. You can see this from investors not showing up," the Global Wind Energy Council's Blackwell told Reuters. "The situation in U.S. offshore wind is severe," Orsted CEO Mads Nipper said last month.

Persons: Pascal, Jon Wallace, WindEurope, Markus Krebber, Germany's, Ben Blackwell, Rob West, Siemens Gamesa, Fraser McLachlan, McLachlan, Jochen Eickholt, Wallace, Energy Council's Blackwell, Denmark's Orsted, RWE's Krebber, Joe Biden's, Mads Nipper, Nina Chestney, Nichola Groom, Christoph Steitz, Nora Buli, Francesca Landini, Toby Sterling, David Clarke Organizations: REUTERS, Rights, European, Jupiter Asset Management, EU, Shell, Siemens, LinkedIn, Wind Energy, Thunder Said Energy, GCube Insurance, Bloomberg New Energy Finance, Energy, Reuters, European Commission, Thomson Locations: Le Havre, Normandy, France, European Union, Britain, Netherlands, Norway, Ukraine, Jupiter, U.S, Los Angeles, Frankfurt, Milan, Amsterdam

[1/5] A view shows a sign for a heavy haulage convoy during transport of a nacelle of a wind turbine near a wind farm, in Biegen, Germany August 31, 2023. REUTERS/Lisi Niesner Acquire Licensing RightsBERLIN, Sept 7 (Reuters) - Germany's wind power expansion is facing an unexpected roadblock: builders need permits to transport the heavy turbines down the country's roads, and they are waiting months to get them. "Assuming nothing changes, it could cost 115 million euros extra by the end of the year," Felix Rehwald, a spokesperson for wind turbine manufacturer Enercon, told Reuters. Transport permits are needed to drive heavy loads over bridges and highways. The cost of applications had jumped to more than 1,000 euros per permit in 2021 from 100 euros, Nordex said.

Persons: Lisi Niesner, Felix Rehwald, Rehwald, Nordex, Kai Westphal, VDMA, Sebastian Steul, Steul, Morten Arnskov Boejesen, Soren Andersen, " Westphal, Johannes Gotfredsen, Toby Sterling, Riham, Thomas Escritt, Alexandra Hudson Organizations: REUTERS, Rights, Reuters, Transport, GmbH, Wednesday, of, of Danish Industry, Danish, Directorate, Alexandra Hudson Our, Thomson Locations: Biegen, Germany, Netherlands, Denmark, of Danish, Copenhagen, Amsterdam

☆ Orsted’s issues fan way beyond the United States
▼ + stars: | 2023-08-30 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

The 16 billion crown ($2.3 billion) overall hit is over half the book value of Orsted’s U.S. operations. And he’s sticking with assumptions that Orsted’s projects can generate returns of up to 300 basis points over their costs of capital. But the $7 billion hit to Orsted’s market value on Wednesday suggests investors don’t see this as a United States-specific headache. On top of this, the increase in long-dated interest rates in the United States affected both offshore as well as some onshore wind projects and will cause impairments of around 5 billion crowns, Orsted added. Orsted’s share price fell 20% to 444 Danish crowns as of 1038 GMT on Aug. 30.

Persons: Mads Nipper, don’t, Orsted’s, Nipper, Sweden’s Vattenfall, Orsted, Orsted hadn’t, George Hay, Oliver Taslic Organizations: Reuters, U.S, Siemens, Thomson Locations: U.S, United States

☆ UK is in danger of becoming the Nigeria of wind
▼ + stars: | 2023-07-20 | by ( George Hay | ) www.reuters.com time to read: +3 min

LONDON, July 20 (Reuters Breakingviews) - Britain is supposed to be the Saudi Arabia of wind power. Vattenfall’s decision on Thursday to halt the 1.4 gigawatt (GW) Norfolk Boreas project is just the latest sign that Britain’s most appropriate fossil-fuel comparator may not be the biggest and most efficient producer. Vattenfall, a state-held Swedish power company, has gone cool for reasons that are well-discussed in the wind sector. The obvious move for UK Prime Minister Rishi Sunak would be to allow developers to charge more for power, to make up for higher costs. Follow @gfhay on TwitterCONTEXT NEWSVattenfall is stopping the development of its 1.4 gigawatt (GW) Norfolk Boreas offshore wind project off the coast of Britain, the state-owned Swedish utility said on July 20.

Persons: Boris Johnson’s, Vattenfall, Rishi Sunak, Liam Proud, Oliver Taslic Organizations: Reuters, Siemens, UK, FTI, Norfolk, Thomson Locations: Britain, Saudi Arabia, United Kingdom, Riyadh, Norfolk Boreas, Swedish, Norfolk, Orsted, Nigeria

☆ BP’s German wind option risks multiple blowbacks
▼ + stars: | 2023-07-13 | by ( George Hay | ) www.reuters.com time to read: +5 min

But Germany also aims to raise as much cash as possible from selling wind power development rights. But wind projects around the world have been hit by turbine makers like Siemens Gamesa and Vestas (VWS.CO)hiking prices in 2022 by 30%. Shaking down the private sector is fine, but not if you’re left with no wind projects. Reuters Graphics Reuters GraphicsFollow @gfhay on TwitterCONTEXT NEWSOil majors BP and TotalEnergies have won a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion). BP’s initial payments totaling 678 million euros, equivalent to 10% of the bid amount, will be paid by July 2024.

Persons: Bernard Looney, TotalEnergies, Looney, TotalEnergies ’, Patrick Pouyanné, Bernstein, you’re, BP, Aimee Donnellan, Pranav Kiran, Streisand Neto Organizations: Reuters, BP, Bernstein Research, Siemens, Reuters Graphics Reuters, TotalEnergies, Federal, Thomson Locations: Germany, Berlin, U.S, Heligoland, Baltic, Ruegen, Europe, TotalEnergies

☆ Goldman names under-the-radar global stocks to buy — and says one could soar 80%
▼ + stars: | 2023-07-11 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Goldman Sachs has named several European stocks to buy that it expects to outperform the market — and that other investors could be missing. The list includes Norwegian hydrogen producer Nel , which Goldman says has potential upside of 80% to its 12-month price target. Analyst Michele Della Vigna likes the stock for its strong growth outlook and focus on the North American market. Goldman also picked wind power company Vestas , saying its stock could rise by 48% over the next year. It also chose chemicals company IMCD , with 57% potential upside, and drinks company Remy Cointreau , with 54% potential upside.

Persons: Goldman Sachs, John Sawtell, Goldman, Nel, Michele Della Vigna, Ajay Patel, Remy Cointreau, Elisa, — CNBC's Michael Bloom Organizations: ABN Amro, Veritas Locations: Norwegian, Finnish

STEEP GROWTH, EVERYWHEREAsia dominates the global wind power market, accounting for just over 47% of the worldwide capacity growth in 2022, according to Ember. Annual wind power generation capacity growth by regionOutside of Asia, Europe was the fastest growing region in terms of wind capacity in 2022, where installed capacity expanded by close to 20 GW, or by 8.4%. North America was the next largest wind capacity developer, with 8.84 GW, followed by Latin America, which expanded capacity by 4.36 GW. WIND GROWTH MORE BALANCED THAN SOLARWith just over half of all wind capacity growth occurring outside of Asia in 2022, global wind turbine producers and installation firms have had a larger share of international opportunities than their counterparts in the solar business. In combination with continued strong demand for wind power supply capacity and substantially cheaper supply chain flows, the expected improvements in each firms' wind segment performance should also yield improvements in future financial metrics.

Persons: gigawatts, Vestas, Gavin Maguire, Kim Coghill Organizations: Germany's Siemens Energy, Electric Co, Science & Technology, Siemens, GE, Reuters, Thomson Locations: LITTLETON , Colorado, United States, Danish, Xinjiang, Asia, Ember, China, Europe, North America, America, Africa, Oceania, Freightos

The Global Wind Energy Council said earlier this year that a record 680 gigawatts (GW) of wind energy capacity is expected to be installed by 2027. But the expected revenues of those planning to build wind turbines have not risen in tandem. Many governments index the prices paid for wind energy, usually through auctions, which are often too low, analysts at Wood Mackenzie said. COMPONENTSAmong the issues which arise from operating wind turbines, wear and tear on turbine blades over time can lead to erosion. Its shares fell more than 6% on Friday, while shares in Siemens Energy, the second biggest wind turbine maker, sank 37%.

Persons: Wood Mackenzie, WindEurope, Nina Chestney, Christoph Steitz, Barbara Lewis Organizations: Siemens Energy, LONDON, Siemens, World Energy, Wind Energy Council, International Energy Agency, Thomson Locations: China, Ukraine, Frankfurt

☆ Siemens Energy’s green windfall fades over horizon
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 23 (Reuters Breakingviews) - It would be logical to assume that wind turbine manufacturers would be the first to benefit from the many government incentives designed to combat climate change. The German company issued late on Thursday a major profit warning, and scrapped its profit guidance this year. Siemens Energy’s stock dropped by more than 30% on Friday morning, wiping some 5.5 billion euros off the company’s market price. After Friday’s hit, Siemens Energy is trading at 0.4 times sales, way below rival Vestas Wind Systems’ (VWS.CO) multiple of 1.7. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Christian Bruch, Friday’s, Karen Kwok, Pierre Briancon, Oliver Taslic Organizations: Reuters, Siemens Energy, Siemens, Systems, Twitter, Telecom Italia, Vivendi, Intel, Thomson

The company has provided more than 132 gigawatts (GW) of wind turbines as of the end of April this year to all global regions: 108 GW of onshore wind and 22 GW of offshore wind. The discovery of faulty components at Siemens Gamesa's onshore wind turbines had already caused a charge of nearly half a billion euros in January. Siemens Gamesa has provided wind turbines to some of the biggest power companies and oil and gas majors worldwide. Shares in European wind turbine producers Nordex (NDXG.DE) and Vestas (VWS.CO) also fell as confidence in the industry was shaken. Many wind power developers have already seen delays in projects due to the availability of components and rising costs.

Persons: Siemens Gamesa, Spain's, Denmark's, Nina Chestney, Christoph Steitz, Susan Fenton Organizations: Siemens Energy, Siemens, SIEMENS, WHO, Scottish Power Renewables, East Anglia, Poland's PGE, Siemens AG, Thomson Locations: Spain, Europe, Americas, Britain, North, Baltica, Baltic

☆ Wind energy has a massive waste problem. New technologies may be a step closer to solving it
▼ + stars: | 2023-05-28 | by ( Laura Paddison | ) edition.cnn.com time to read: +8 min

It’s a problem that’s vexed the wind energy industry and provided fodder for those who seek to discredit wind power. But in February, Danish wind company Vestas said it had cracked the problem. It announced a “breakthrough solution” that would allow wind turbine blades to be recycled without needing to change their design or materials. Wind energy has been growing at a fast pace. It is the world’s leading renewable energy technology behind hydropower, and plays a vital role in helping countries move away from fossil fuel energy, which pumps out planet-heating pollution.

☆ These 4 stocks could double in price — including one tech giant, says financial research firm
▼ + stars: | 2023-05-25 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

Some corners of the market may have been overbought this year, but there are still long-term opportunities for investors, according to financial research firm Redburn. Redburn analysts have chosen 12 companies where changes in the competitive or financial environment or management action could realise outsize value for shareholders," Redburn wrote in a May 23 report. Vestas Redburn said it believes Danish wind turbine manufacturer Vestas is set for a "return to double-digit margins." "While there are inflationary pressures in some areas, supply-chain cost and performance are clearly improving and raw material costs are well below recent peaks," the firm wrote. Sabre Redburn sees a "clear path" for shares of Sabre , a travel tech company, to "more than double."

Persons: Redburn, Vestas Redburn, Vestas, Bill Anderson, –, Bayer, Sabre Redburn, — CNBC's Michael Bloom Organizations: Amazon Web, Bayer, Sabre Locations: United States, Europe, China

☆ Recycling 'end-of-life' solar panels, wind turbines, is about to be climate tech's big waste business
▼ + stars: | 2023-05-13 | by ( Bob Woods | ) www.cnbc.com time to read: +13 min

watch nowIndeed, the market for recycled solar panel materials is expected to grow exponentially over the next several years. One recipient of this federal funding is First Solar, the largest solar panel manufacturer in the U.S. Massive wind turbines, blades are almost all recyclableRetired wind turbines present another recycling challenge, as well as business opportunities. How the circular renewable energy economy worksPlayers in the circular economy are determined not to let all that waste go to waste. Vestas Wind Systems has committed to producing zero-waste wind turbines by 2040, though it has not yet introduced such a version.

☆ 'Too cheap to ignore': Bernstein predicts huge upside for these 3 clean energy stocks
▼ + stars: | 2023-05-10 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

But the sour sentiment toward the sector may be short-lived, according to the investment bank. Analysts at Bernstein say there is significant potential for growth in several clean energy companies, thanks to recent policy changes and increased investment. The investment bank added that despite the rising costs of renewable equipment and increasing rates, renewables remain more competitive than fossil fuels. Orsted Bernstein expects shares of Orsted to rise by nearly 60% to 975 Danish Krone ($144) a share. CATL Bernstein said battery-maker Contemporary Amperex Technology Co. Limited, also known as CATL, was its "top pick" in China.

☆ From GE to Siemens, the wind energy industry hopes billions in losses are about to end
▼ + stars: | 2023-04-17 | by ( Bob Woods | ) www.cnbc.com time to read: +8 min

The wind farm includes 132 2-megawatt Gamesa G80 wind turbines along 12 miles of the Allegheny Front. (Photo by Chip Somodevilla/Getty Images) Chip Somodevilla | Getty Images News | Getty ImagesIt's been a tough couple of years for the U.S. wind energy industry. Although 2023 is expected to remain sluggish, GE Renewable Energy, Siemens Energy and Vestas Wind Systems, the leading makers of wind turbines — outside of China, which has built the world's largest wind energy infrastructure — and their suppliers are banking on growth over the next decade, particularly in the nascent offshore wind niche. "The wind energy market is stuck in this very strange paradox right now," said Aaron Barr, an industry analyst at Wood Mackenzie. Comparatively, the U.S. offshore wind industry is just ramping up after years of delays in permitting, environmental approvals and power purchasing agreements with utilities that buy wind energy.

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