Investments in wind energy in Europe fell in 2022, with orders for new wind turbines down 47% on 2021, according to new WindEurope figures.
The representative body said there was not a single investment in an offshore wind farm in 2022, which it put down to inflation, with costs rising at a higher rate than prospective revenues.
Investors are also being turned away by unhelpful national interventions in electricity markets, it added.
The EU must make Europe an attractive place for renewables investments again and forthcoming market design proposals must address this, WindEurope argued.
The fall in investments and turbine orders is also compounding the problems faced by Europe’s wind energy supply chain, it added.
WindEurope latest data found that the EU saw only 9GW worth of new turbine orders.
This reflects a fall in new investments in wind energy that were announced last year and the first 11 months saw final investment decisions for only 12GW of new wind farms, it said.
WindEurope added that the EU needs to build 30GW of new developments a year under its new energy and climate security targets.
WindEurope chief executive Giles Dickson (pictured) said: “Last year’s market interventions have made Europe less attractive for renewables investors than the US, Australia and elsewhere.
“They impacted the business case for renewable energy projects across Europe.
“The figures for wind turbine orders in 2022 should ring an alarm bell. Europe’s energy and climate targets are at risk if the EU fails to ensure an attractive investment environment for renewables.”