Global Wind Energy Capacity Additions Unclear for 2020

(Photo Credit: Ralph Kayden, Unsplash)

by | Mar 26, 2020

This article is included in these additional categories:

Global Wind Energy Capacity Additions Unclear for 2020

(Photo Credit: Ralph Kayden, Unsplash)

Last year marked the second best on record for wind energy capacity, according to the new Global Wind Report from the Global Wind Energy Council (GWEC). The news comes at a time of growing uncertainty for the renewable energy industry.

GWEC’s 15th edition of the report found that 60.4 gigawatts of wind energy capacity was installed in 2019, marking a 19% increase from the record-breaking installations of 2018. Most of the growth was due to the world’s two largest markets: China and the United States. Current wind energy capacity totals more than 651 GW.

“The main driver of this growth was market-based mechanisms, with auctioned wind capacity in 2019 surpassing 40 GW worldwide, accounting for two-thirds of total new capacity and doubling auctioned capacity compared to 2018,” the GWEC said.

Major tools that the report identified to further wind energy growth included shifting the focus from localized cost of energy (LCOE) to building markets that support the long-term sustainability of the wind and renewable industries, according to the council. In addition, emerging tech like hybridization and renewable hydrogen could create new opportunities for the sector. But that was before covid-19.

Prior to the pandemic, GWEC said it expected 2020 to be a record year for wind energy with a forecast for 76 GW of new capacity added. However, the full effects of covid-19’s spread on the industry remain unknown, the council acknowledged.

“Although China managed to get the virus under control within two months, damage has been done to the flow of supply chain and project execution in 2020 and a 1-2 months delay is expected, specifically for onshore wind,” according to the report. “Considering the current measures of virus control in Europe and the US, it is hard to predict at this stage when the virus can be completely brought under control and when society and markets will return to normality, and in turn it is impossible to quantify the exact impact of the pandemic and the looming economic recession on global wind power installations in 2020 and beyond.”

GWEC plans to revise its 2020–2024 forecast based on how covid-19 affects the global economy and energy markets, and says it will publish an updated market outlook in Q2 2020.

Additional articles you will be interested in.

Stay Informed

Get E+E Leader Articles delivered via Newsletter right to your inbox!

This field is for validation purposes and should be left unchanged.
Share This