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European Utilities Cut Back on Renewable Targets

RENEWABLES

Several European utilities have cut back on their renewables target amid more challenging market conditions with high interest rates and falling power prices.

  • As an example, Statkraft said it now plans to install 2-2.5GW of onshore wind, solar and battery capacity annual from 2026, revised down from 2.5-3GW from 2025 previously, the firm said in its 1H 2024 results.
  • The firm also revised down its offshore wind capacity targets t 6-8GW by 2040, down from 10GW previously.
  • The downward revision is due to a combination of complicated market regulations, delays to support policies and geopolitical uncertainty.
  • Utilities Orsted, Enel and Iberdrola have also cut back on their renewables targets due to high interest rates and falling electricity prices according to Bloomberg.
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