Contract prices for wind turbines dropped 15 percent from 2008, a reduction that could make the renewable technology cost competitive with other forms of electricity generation.
The Wind Turbine Price Index, published this week by Bloomberg New Energy Finance showed current oversupply in the global market – mostly due to financing issues for approved wind projects – led to the decline in pricing.
The index shows no signs of price recovery in the immediate future.
“Expectations for turbine prices have never been so low, and the current market oversupply will continue for quite a while longer,” said William Young, manager of the Wind Insight Service at Bloomberg New Energy Finance, in a statement. “That may not be great for wind turbine manufacturers, but the good news for the sector is that it will improve the competitiveness of wind with gas, coal and nuclear as a means of generating electricity.”
