Tough Year for the Wind Industry
This article is reprinted from the June issue of our green investing newsletter, Progressive Investor. To learn about which green stocks to invest in, and to read the rest of the issue, subscribe or just purchase this issue. After a strong 2009, the problems associated with the recession and lack of a US energy policy caught up with the wind industry this year. Wind supplied 2% of the world’s electricity in 2009. Even during the dog days of the recession, installations charged ahead 31%, ending the year with a breathtaking 38,343 MW in new capacity for a cumulative world total of 158,505 MW. It was the highest growth rate in the last eight years. Also of note, China surpassed the US as the largest wind turbine market, installing 13,803 MW, and reaching a total of 25,805 MW. China accounted for over a third of the world’s wind installations in 2009, more than doubling its cumulative capacity for the fourth consecutive year. The US also had a record-breaking year, installing over 10,000 MW. China introduced a feed-in tariff for new onshore wind plants, but because of inadequate transmission capacity about 25% of its existing wind capacity has yet to be connected […]