The prices for wind turbines might increase in the UK due to the current COVID-19 crisis, says GlobalData.
Factors likely to cause an increase in the prices of wind turbines include:
- The lack of domestic turbine manufacturers
- Fluctuating FOREX rates
The majority of companies supplying the UK with materials are from outside the country, in Europe and in China. The current lockdown in the UK and other countries are restricting the flow of goods. This is in turn, will increase demand for wind turbines resulting in an increase in prices.
Somik Das, a senior power analyst at GlobalData, said: “During the first quarter of 2020, the UK’s average turbine price is estimated to rise to $854/kW, from $816/kW, and is expected to peak further in Q2 to reach $891.6/kW as suppliers across the value chain are likely to be impacted by capital crunch, a shortage of personnel and transit issues.”
“Logistics and balance of plant support from UK businesses have declined, stalling projects,” continues Das.
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