High coal prices caused a number of power shortages during 2021, and this could represent a growth opportunity for the country’s wind industry because the costs of wind turbines have dropped, according to a report released by the Global Wind Energy Council and a renewable energy consultancy.
As the world’s economies reopened and recovered last year from COVID-19 lockdowns, raw material and energy prices skyrocketed from the middle of last year, the study by GWEC and consultancy Azure International noted. “China has been particularly badly hit, with coal prices more than doubling from June to October,” they noted in the report. A wide variety of other industries in China were impacted by high prices, they said, including the photovoltaic sector, for which polysilicon prices rose 50% since August 2021. Prices for common foods in the country also rose.