Wind farms see a slump in returns

Wind farms see a slump in returns

The record temperatures that have swept across the UK this summer are set to continue into October, potentially having a monumental impact to the country’s wind industry.

Last month wind generated power was down by an average of 20%, according to weather data company Vaisala OYJ, with wind speeds in some parts of Europe down throughout 2018.

Reduced output from renewable energy sources and higher gas prices have led to an £80 million hit on operating profits at SSE during the first quarter of this financial year.

Vaisala compared the recent weather conditions to that of the wind drought in the US during the first three months of 2015.

Pascal Storck, director of renewable energy at Vaisala, said: “The 2015 conditions caused many wind energy investors in the U.S. to think very seriously about how they could diversify their portfolios, not just geographically, but also by technology,” he added: “It may be time for the European market to follow suit in thinking about how it can become ‘climate resilient.’”

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