Latest news with #windenergy
The Sun
15 hours ago
- Business
- The Sun
Trump was absolutely right to trash UK's energy policy – here's how your bills will FALL if Miliband listens
I CAN only imagine that Ed Miliband has been locked in a cupboard for the past four days, lest he spoil Sir Keir Starmer's somewhat forced friendship with Donald Trump. How else to explain his remarkable silence in the face of the US President trashing Britain's energy policy on his golfing trip to Turnberry? 4 4 Trump made several statements which would normally be a red rag to Miliband. He called wind energy a 'con job' and complained that turbines are spoiling the view from his golf course. The following day he doubled down by attacking the Government's policy of denying licences for new gas and oil extraction. Reversing the policy, he asserted on his Truth Social account, would mean 'a vast fortune to be made for the UK' and would lower bills for UK energy consumers. But where was Ed to tell us that wind and solar energy is going to help save us £300 a year on our bills? Low wind speeds Nor did Starmer enter the fray. He sat next to Trump expressionless as the President tore into UK policy on Net Zero and other policies, too. It is too much to hope Starmer and Miliband might have come round to thinking Trump may actually have a point? Trump might not always be the best-informed person on UK politics but on this he is absolutely right. The Scottish government has compromised one of its greatest assets — its landscape — by embracing wind power so enthusiastically, onshore and offshore. But it is simply not providing us with affordable, reliable energy. Subsidised investment in wind turbines has run well ahead of what the national grid can cope with. Last year, UK energy consumers were forced to cough up £1.5BILLION in 'constraint payments' to compensate wind farm owners when they have to turn off their turbines when they are generating too much power to be fed into the grid. At other times — often in winter when the demand for power is greatest — the output from wind turbines falls to less than one per cent of UK energy demand. Three years ago, Miliband and others started trying to tell us that wind energy was 'nine times cheaper than electricity generated by gas'. It wasn't true then. The comparison was arrived at by comparing the long-term, guaranteed prices offered to wind farms with the rates which have to be paid to the owners of gas plants to turn them on for a few hours to fill in gaps when the wind isn't blowing. 4 4 But it is even less true now. For years, the price of wind energy seemed to fall and fall, but that was sharply reversed as soon as interest rates began to rise and the cost of raw materials shot up. Miliband is so desperate to get his turbines built that in the latest round of wind power auctions he has offered investors a guaranteed price of £113 per megawatt-hour of electricity they generate. That is half as much again as we are currently paying for electricity generated by gas. The UK's energy policy ignores another problem. As confirmed in the latest State of the Climate Policy published by the Met Office and Royal Meteorological Society earlier this month, Britain is steadily becoming less windy — a climatic trend which we tend to hear little about. Yesterday, investment trust Greencoat UK Wind warned that its turbines generated 14 per cent less power than it had predicted in the past six months thanks to low wind speeds. If Britain's Net Zero policy really is saving us money, then how come we have the highest electricity prices in the world, according to the International Energy Agency? In 2023, UK consumers paid an average of 36.4 pence for their electricity and 10.2 pence for their gas. US consumers paid the equivalent of 12.9 pence and four pence respectively. And, no, it is not because we are over-reliant on gas. Last year, we generated 29.2 per cent of our electricity from gas and 30 per cent from wind. In the US the corresponding figures were 42.5 per cent and 10.3 per cent. Trump might be exaggerating a little when he says there are 'vast fortunes' to be made in the North Sea. The industry has been in decline for the past two decades as fields are worked out. Driving up bills Nevertheless, the trade body Offshore Energies UK still estimates there are 7.5BILLION barrels-worth to be recovered off Britain's coast — about a fifth as much as has been extracted since the 1960s. Moreover, there are enough shale gas reserves beneath Britain to power the country, at the current rate of consumption, for 47 years, according to one estimate. Banning fracking, and refusing licences for new production, is certainly making us more reliant on imports — and on the 'fossil fuel dictators' Miliband keeps talking about. It is driving up bills, too. It costs money to transport oil and gas long distances, especially the latter in the form of liquefied natural gas, on which we have come to rely more and more since the Ukraine invasion. Sometimes it takes an outsider to tell you where you are going wrong. Enthusiasts for Net Zero policies will damn Trump for his remarks but, sorry, he was right to say what he did — even if he broke diplomatic conventions to do so.
Globe and Mail
18 hours ago
- Business
- Globe and Mail
Wind Blade Composites Market: Cost, Price, Revenue Analysis Industry Chain Report 2025
The Wind Blade Composites industry is witnessing steady growth driven by the global shift toward renewable energy. Increasing wind energy installations and demand for lightweight, durable materials are fueling innovation. Key companies such as LM Wind Power, TPI Composites, and Siemens Gamesa are investing in advanced composite technologies to enhance performance and reduce lifecycle costs. The wind blade composites market is projected to grow from USD 13.28 billion in 2025 to USD 21.87 billion by 2030, at a CAGR of 10.5% during the forecast period. The report provides key insights about wind blade composites market drivers, restraints, opportunities, new product launches or approvals. The wind blade composites market is driven by several key factors, including the increasing global demand for renewable energy, supportive government policies advancing sustainable energy solutions, and significant advancements in material technology. The primary materials used in wind blade composites are glass fiber reinforced polymers and carbon fiber composites, which exhibit outstanding properties such as high strength-to-weight ratios, fatigue resistance, corrosion resistance, design flexibility, thermal stability, and low maintenance requirements, making them the preferred choice for wind blade manufacturing. Furthermore, innovations in manufacturing technologies—such as the implementation of 3D printing, advanced molding techniques, and robotic layup processes—have streamlined production, enhanced quality, and reduced costs. These advancements enable the creation of more complex and aerodynamic blade shapes, leading to improved energy capture and overall efficiency. Download PDF Brochure: Glass fiber segment dominated wind blade composites market, in terms of value, in 2024 Glass fiber is a predominant material in the wind blade composites market, largely due to its optimal combination of strength, durability, and cost-effectiveness. This material exhibits exceptional mechanical properties, notably a high strength-to-weight ratio, which is critical for the production of large, lightweight, and resilient wind turbine blades. These blades are designed to endure operational stresses and harsh environmental conditions. The cost-effectiveness of glass fiber is particularly significant in the wind energy sector, where large-scale production and economic viability are paramount. Additionally, glass fiber offers excellent chemical resistance, stiffness, and fatigue resistance, contributing to extended service life and minimizing maintenance requirements for wind blades. Its compatibility with various resin systems and well-established manufacturing processes facilitates the fabrication of complex aerodynamic shapes, optimizing blade performance and maximizing energy output. Epoxy segment accounted for largest share of wind blade composites market, in terms of value, in 2024 Epoxy resin dominates the market within the resin type category due to its exceptional mechanical strength and adhesive properties. As the integral matrix material, it effectively binds reinforcing fibers—commonly glass or carbon fibers—thereby ensuring structural integrity and efficient load transfer throughout the blade. The high strength, stiffness, and resilient nature of epoxy resins provide crucial protection against environmental factors such as moisture, UV radiation, and temperature fluctuations, all vital for the durability of wind blades subjected to demanding outdoor conditions. Furthermore, the chemical versatility of epoxy resins facilitates customized curing processes and enhanced toughness, significantly improving the blades' fatigue resistance and overall performance. Blade size over 50 meters to register highest CAGR in wind blade composites market during forecast period The segment of wind blades exceeding 50 meters in length is anticipated to register the highest CAGR in the wind blade composites market. This growth is driven by the industry's emphasis on enhancing energy efficiency and the imperative to optimize power output from wind turbines. Longer blades are capable of sweeping a larger surface area, enabling them to capture a greater volume of wind, which directly translates to increased electricity generation. This ultimately enhances the overall efficiency and economic viability of wind energy projects. Moreover, advancements in composite technology, particularly incorporating carbon fiber in critical structural components and developing advanced resin systems, have facilitated the manufacturing of ultra-long blades. These innovations contribute to elevated energy yields and lower the cost associated with wind power generation. Offshore wind turbines segment to register highest CAGR in wind blade composites market during forecast period The offshore wind turbine sector is poised to experience the highest growth rate within the wind blade composites market. This sector is undergoing rapid expansion, with global capacity additions projected to escalate from 16 GW in 2025 to 34 GW by 2030, capturing a larger share of new wind installations globally. Consequently, there is a heightened demand for efficient and visually appealing offshore wind turbines aimed at large-scale renewable energy production. Significant investments in offshore wind energy projects in nations such as Germany, the Netherlands, Denmark, and Belgium necessitate the development of larger and more resilient wind turbine blades. These blades must incorporate advanced composite materials to endure the demanding marine conditions prevalent in saltwater environments, including corrosion, high humidity, and severe weather phenomena. Asia Pacific accounted for largest share of wind blade composites market in terms of value and volume in 2024 In 2024, the Asia Pacific region represented the largest market share, primarily driven by rapid advancements in its renewable energy sector, particularly in wind power. Significant investments in wind energy infrastructure by countries such as China, India, and Japan aim to address increasing energy demands and meet sustainability objectives. Leading manufacturers, including Teijin Limited, China National Building Material Group Corporation, China Jushi Co., Ltd., and Toray Industries, Inc., are establishing production facilities in developing nations to leverage cost advantages, access to skilled labor, and proximity to local and international markets. This region also enjoys the benefit of abundant raw materials, efficient manufacturing processes, and supportive government policies and incentives, which collectively enhance the production and integration of composite materials for wind blades. Furthermore, recent innovations in China have led to the development of a method for recycling decommissioned wind turbine blades into asphalt mixtures for road construction. Wind Blade Composites Companies Prominent companies in this market include China Jushi Co., Ltd. (China), DowAksa (Turkey), Teijin Limited (Japan), SGL Carbon (Germany), Hexcel Corporation (US), Gurit Services AG (Switzerland), China National Building Material Group Corporation (China), Toray Industries, Inc. (Japan), Röchling (Germany), Exel Composites (Finland), Evonik (Germany), Arkema (France), Owens Corning (US), Exxon Mobil (US), and Huntsman (US). Exxon Mobil Corporation (US) Exxon Mobil Corporation is a leading global energy company that was formed through the merger of Exxon and Mobil. As one of the world's largest publicly traded oil and gas companies, Exxon Mobil Corporation is engaged in the exploration, production, refining, and distribution of petroleum and natural gas, as well as the manufacturing of petrochemicals. Its operations are divided into three main segments: Upstream, which focuses on the exploration and extraction of crude oil and natural gas; Downstream, which handles refining and marketing of fuels and lubricants; and Chemical, which produces a wide range of petrochemical products used in industrial and consumer applications. Under its Chemical segment, the company offers advanced resin systems, such as Proxxima, for lighter, more durable wind blades with a lower carbon footprint and improved manufacturing efficiency. Evonik (Germany) Evonik is a large global specialty chemicals firm based in Essen, Germany. The company was founded in 2007 as part of RAG-Stiftung's restructuring and has since become a major participant in the international chemical sector. Evonik specializes in high-performance materials and specialized chemicals used in various industries, including automotive, pharmaceuticals, agriculture, nutrition, construction, and consumer goods. Evonik has numerous major business categories, including Specialty Additives, Nutrition & Care, Smart Materials, and Performance Materials. Its product portfolio comprises additives for coatings and paints, amino acids for animal nutrition, high-performance polymers, and personal care components. Geographically, Evonik has a strong global footprint, with operations in more than 100 countries across Europe, North America, Asia Pacific, and Latin America. About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
The Guardian
a day ago
- Politics
- The Guardian
The renewable energy revolution is a feat of technology
I know progressives are supposed to be technophobes, but there is one technology we probably love more than anyone else (except the engineers who created it): renewable energy. It is nothing less than astonishing and unbelievable that we have achieved so much progress in so little time. At the turn of the century, sun and wind in the form of solar panels and wind turbines were expensive, primitive, utterly inadequate solutions to power our machines at scale, which is why early climate activism focused a lot on minimizing consumption on the assumption we had no real alternative to burning fossil fuels, but maybe we could burn less. This era did all too well in convincing people that if we did what the climate needs of us, we would be entering an era of austerity and renunciation, and it helped power the fossil fuel industry's weaponization of climate footprints to make people think personal virtue in whittling down our consumption was the key thing. There's nothing wrong with being modest in your consumption, but the key thing to saving the planet is whittling down the fossil fuel industry and use of fossil fuels to almost nothing by making the energy transition to renewables and an electrified world. And that's a transformation that has to be collective and not just individual. Other stuff is great – changing our diets, especially to reduce beef consumption and food waste, protecting natural systems that sequester carbon, better urban design and better public transit, getting rid of fast fashion, excessive use of plastic, and other wasteful climate-harming forms of consumption – all matter. But the majority of climate change comes from burning fossil fuels, and we know exactly how to transition away from that and the transition is underway – not nearly fast enough, not nearly supported enough by most governments around the world, actively undermined by the Trump administration and many fossil fuel corporations and states. But still, it is underway. And, arguably, unstoppable. Because it's just a better way to do everything. One thing that's been striking in recent years, and maybe visible in recent years because there is now an alternative, is the admission that fossil fuel is a wasteful and poisonous way to produce energy. That's the case whether it's to move a vehicle or cook a dinner. Oil, coal, and gas are distributed unevenly around the world and just moving the fuel to the sites where it will be used is hugely energy inefficient. About 40% of global shipping is just moving fossil fuel around, and more fuel is moved on trains and trucks. But also, fossil fuel is extracted, shipped, and refined for one purpose: to be burned, and in the future coming fast, burning is going to look like a primitive way to operate machines. As the Rocky Mountain Institute explains it: 'Today, most energy is wasted along the way. Out of the 606 EJ [exajoules] of primary energy that entered the global energy system in 2019, some 33% (196 EJ) was lost on the supply side due to energy production and transportation losses before it ever reached a consumer. Another 30% (183 EJ) was lost on the demand side turning final energy into useful energy. That means that of the 606 EJ we put into our energy system per annum, only 227 EJ ended up providing useful energy, like heating a home or moving a truck. That is only 37% efficient overall.' That's the old system, and it's dirty, toxic to human health and the environment – and our politics – as well as the main driver of climate chaos. And wasteful. The new system, on the other hand, is far cleaner, and the fact that sun and wind are so widely available means that the corrosive politics of producer nations and their manipulations of dependent consumer nations could become a thing of the past. I know someone is about to pipe up with an objection about battery materials and there are two answers to that. One is that the race is on, with promising results, to produce batteries with more commonly available and widely distributed materials. The other is that batteries are not like fossil fuel, which you incessantly burn up and have to replace; they are largely recyclable, and once the necessary material is gathered, it can be reused and extraction can wind down. But also the scale of materials needed for renewables is dwarfed by the materials to keep the fires burning in the fossil fuel economy (and the people who complain about extraction sometimes seem to forget about the monumental scale of fossil fuel extraction and all the forms of damage it generates, from Alberta to Nigeria to the Amazon). And renewables are now adequate to meet almost all our needs, as experts like Australia's Saul Griffiths and California's Mark Z Jacobson have mapped out. Simply because it's cheaper, better and ultimately more reliable, the transition is inevitable – but if we do it fast, we stabilize the climate and limit the destruction, and if we don't, we don't. Almost no one has summed up how huge the shifts are since the year 2000, but the Rocky Mountain Institute has done that for the last decade, during which, they tell us: 'clean-tech costs have fallen by up to 80%, while investment is up nearly tenfold and solar generation has risen twelvefold. Electricity has become the largest source of useful energy, and the deep force of efficiency has reduced energy demand by a fifth.' Estimates for the future price of solar have almost always been overestimates; estimates for the implementation of solar have been underestimates. Another hangover from early in the millennium is the idea that renewables are expensive. They were. They're not anymore. There are costs involved in building new systems, of course, but solar power is now the cheapest way to produce electricity in most of the world, and there's no sign that the plummet in costs is stopping. As Hannah Ritchie at Our World in Data said in 2021 of renewable energy: 'In 2009, it was more than three times as expensive as coal. Now the script has flipped, and a new solar plant is almost three times cheaper than a new coal one. The price of electricity from solar declined by 89% between 2009 and 2019.' But even cheap is a misnomer: wind and sun are free and inexhaustible; you just need devices to collect the energy and transform it into electricity (and transmission lines to distribute it). Free energy! We need to get people to recognize that is what's on offer, along with energy independence – the real version, whereby if we do it right, we could build cooperatives, local (and hyperlocal or just autonomous individual) energy systems, thereby undermining predatory for-profit utilities companies as well as the fossil fuel industry. Renewable energy could be energy justice and energy democracy, as well as clean energy. An energy revolution is underway in this century, though it's unfolded in ways slow enough and technical enough for most people not to notice (and I assume it's nowhere near finished). It is astonishing – a powerful solution to the climate crisis and the depredations of the fossil fuel industry and for-profit utilities. Making it more visible would make more people more enthused about it as a solution, a promise, a possibility we can, should, must pursue swiftly and wholeheartedly. Rebecca Solnit is a Guardian US columnist. She is the author of No Straight Road Takes You There and Orwell's Roses
The Guardian
a day ago
- Politics
- The Guardian
The renewable energy revolution is a feat of technology
I know progressives are supposed to be technophobes, but there is one technology we probably love more than anyone else (except the engineers who created it): renewable energy. It is nothing less than astonishing and unbelievable that we have achieved so much progress in so little time. At the turn of the century, sun and wind in the form of solar panels and wind turbines were expensive, primitive, utterly inadequate solutions to power our machines at scale, which is why early climate activism focused a lot on minimizing consumption on the assumption we had no real alternative to burning fossil fuels, but maybe we could burn less. This era did all too well in convincing people that if we did what the climate needs of us, we would be entering an era of austerity and renunciation, and it helped power the fossil fuel industry's weaponization of climate footprints to make people think personal virtue in whittling down our consumption was the key thing. There's nothing wrong with being modest in your consumption, but the key thing to saving the planet is whittling down the fossil fuel industry and use of fossil fuels to almost nothing by making the energy transition to renewables and an electrified world. And that's a transformation that has to be collective and not just individual. Other stuff is great – changing our diets, especially to reduce beef consumption and food waste, protecting natural systems that sequester carbon, better urban design and better public transit, getting rid of fast fashion, excessive use of plastic, and other wasteful climate-harming forms of consumption – all matter. But the majority of climate change comes from burning fossil fuels, and we know exactly how to transition away from that and the transition is underway – not nearly fast enough, not nearly supported enough by most governments around the world, actively undermined by the Trump administration and many fossil fuel corporations and states. But still, it is underway. And, arguably, unstoppable. Because it's just a better way to do everything. One thing that's been striking in recent years, and maybe visible in recent years because there is now an alternative, is the admission that fossil fuel is a wasteful and poisonous way to produce energy. That's the case whether it's to move a vehicle or cook a dinner. Oil, coal, and gas are distributed unevenly around the world and just moving the fuel to the sites where it will be used is hugely energy inefficient. About 40% of global shipping is just moving fossil fuel around, and more fuel is moved on trains and trucks. But also, fossil fuel is extracted, shipped, refined for one purpose: to be burned, and in the future coming fast, burning is going to look like a primitive way to operate machines. As the Rocky Mountain Institute explains it: 'Today, most energy is wasted along the way. Out of the 606 EJ [exajoules] of primary energy that entered the global energy system in 2019, some 33% (196 EJ) was lost on the supply side due to energy production and transportation losses before it ever reached a consumer. Another 30% (183 EJ) was lost on the demand side turning final energy into useful energy. That means that of the 606 EJ we put into our energy system per annum, only 227 EJ ended up providing useful energy, like heating a home or moving a truck. That is only 37% efficient overall.' That's the old system, and it's dirty, toxic to human health and the environment – and our politics – as well as the main driver of climate chaos. And wasteful. The new system, on the other hand, is far cleaner, and the fact that sun and wind are so widely available means that the corrosive politics of producer nations and their manipulations of dependent consumer nations could become a thing of the past. I know someone is about to pipe up with an objection about battery materials and there are two answers to that. One is that the race is on, with promising results, to produce batteries with more commonly available and widely distributed materials. The other is that batteries are not like fossil fuel, which you incessantly burn up and have to replace; they are largely recyclable, and once the necessary material is gathered, it can be reused and extraction can wind down. But also the scale of materials needed for renewables is dwarfed by the materials to keep the fires burning in the fossil fuel economy (and the people who complain about extraction sometimes seem to forget about the monumental scale of fossil fuel extraction and all the forms of damage it generates, from Alberta to Nigeria to the Amazon). And renewables are now adequate to meet almost all our needs, as experts like Australia's Saul Griffiths and California's Mark Z Jacobson have mapped out. Simply because it's cheaper, better and ultimately more reliable, the transition is inevitable – but if we do it fast, we stabilize the climate and limit the destruction, and if we don't, we don't. Almost no one has summed up how huge the shifts are since the year 2000, but the Rocky Mountain Institute has done that for the last decade, during which, they tell us, 'clean-tech costs have fallen by up to 80%, while investment is up nearly tenfold and solar generation has risen twelvefold. Electricity has become the largest source of useful energy, and the deep force of efficiency has reduced energy demand by a fifth.' Estimates for the future price of solar have almost always been overestimates; estimates for the implementation of solar have been underestimates. Another hangover from early in the millennium is the idea that renewables are expensive. They were. They're not anymore. There are costs involved in building new systems, of course, but solar power is now the cheapest way to produce electricity in most of the world, and there's no sign that the plummet in costs is stopping. As Hannah Ritchie at Our World in Data said in 2021 of renewable energy, 'In 2009, it was more than three times as expensive as coal. Now the script has flipped, and a new solar plant is almost three times cheaper than a new coal one. The price of electricity from solar declined by 89% between 2009 and 2019.' But even cheap is a misnomer: wind and sun are free and inexhaustible; you just need devices to collect the energy and transform it into electricity (and transmission lines to distribute it). Free energy! We need to get people to recognize that is what's on offer, along with energy independence – the real version, whereby if we do it right, we could build cooperatives, local (and hyperlocal or just autonomous individual) energy systems, thereby undermining predatory for-profit utilities companies as well as the fossil fuel industry. Renewable energy could be energy justice and energy democracy, as well as clean energy. An energy revolution is underway in this century, though it's unfolded in ways slow enough and technical enough for most people not to notice (and I assume it's nowhere near finished). It is astonishing – a powerful solution to the climate crisis and the depredations of the fossil fuel industry and for-profit utilities. Making it more visible would make more people more enthused about it as a solution, a promise, a possibility we can, should, must pursue swiftly and wholeheartedly. Rebecca Solnit is a Guardian US columnist. She is the author of No Straight Road Takes You There and Orwell's Roses
Reuters
a day ago
- Business
- Reuters
Nippon Steel to supply steel for Vestas wind towers for Europe, Asia and Japan
TOKYO, July 30 (Reuters) - Nippon Steel (5401.T), opens new tab signed a cooperation memorandum with Denmark's wind turbine maker Vestas Wind Systems ( opens new tab on Wednesday to supply steel for Vestas' wind towers for European, Asian and Japanese markets, Japan's industry ministry said. The agreement was part of a broader push by Japan's Ministry of Economy, Trade and Industry (METI) to strengthen the supply chain for wind generation in the country where renewables are key to reducing import costs and dependency on fossil fuels. Offshore wind is a pillar of Japan's renewable energy strategy, but the country remains heavily reliant on imported wind turbines and components. Vestas has a number of contracts in Japan, including for a 375-megawatt offshore wind farm off the coast of Happo-Noshiro in Akita prefecture in northern Japan to be built by Eneos Corp (5020.T), opens new tab, Iberdrola ( opens new tab and Tohoku Electric Power (9506.T), opens new tab. In June, METI announced a cooperation framework with Siemens Gamesa Renewable Energy for the offshore wind sector. Siemens Gamesa, the wind turbine division of Siemens Energy ( opens new tab, agreed a deal with Japanese electronic parts maker TDK (6762.T), opens new tab for magnets to supply the wind turbines. METI launched a similar framework with GE Vernova (GEV.N), opens new tab, a major U.S. energy equipment company, to promote public-private cooperation in wind power, hydrogen and ammonia among other areas. Japan aims to achieve 45 gigawatts of offshore wind capacity by 2040 to reduce its reliance on imported coal and gas for power generation. But, its plans have stalled despite three major rounds of auctions, due to soaring costs and delays.
