European spending on new wind capacity hit a three year low as the industry begins to slash costs to become more efficient as governments reduce subsidies for the sector.
Investment into both onshore and offshore wind projects fell to €22.3 billion across the European Union, a fall of 19% from its record in 2016, according to WindEurope’s annual statistics.
A number of the world’s leading wind power companies are based in Europe, both project developers and equipment manufacturers, including Vestas, Orsted, and Siemens Gamesa.
Germany was the biggest investor in wind power during 2017, accounting for 30%, while coal continues to dominate the energy mix of Europe’s largest economy.
Meanwhile, the UK ruled out the introduction of new low carbon subsidies until the cost of such energy begins to fall.