Monday, March 25, 2024

"Icy blast of bankruptcies loom for Swedish wind-power sector, experts warn"

From Brussels Signal, March 1:

Two Swedish economists have issued a warning that the country’s wind-power industry is on the brink of a wave of bankruptcies.

Christian Sandström and Christian Steinbeck analysed wind-power companies’ annual reports in Sweden and their work revealed “significant financial problems”, they told Swedish media outlet Kvartal on February 28.

“The total loss for the years 2017–2022 amounted to 13.5 billion Swedish krona [€1.2 billion], which meant a loss margin of 39 per cent,” they said about the sector.

Such heavy losses seem to be the rule rather than the exception for wind-power companies in Sweden, according to the annual reports.

The Swedish Government has been pushing its national energy policies in a “green” direction, promoting wind power and decommissioning nuclear power plants. But the cost appears to be much more painful than previously thought, the economists stressed....