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The exploitation of wind power is driven by increased energy prices and a desire to reduce dependency on fossil fuels. During the past ten years, the sector has grown by 30 percent on average per year. Just in Sweden, the investments in wind power capacity are forecast to amount to approx. SEK 50 billion for the period from 2007 until 2016 according to the trade association Vindkraftens Investerare och Projektörer.
Background and technical development
Wind power plants are becoming larger, more efficient and quieter. Today, a normal commercial size is between 2-2.5 MW, a 90 metre-high tower and a rotor diameter of 90-100 m. Prototypes of new models have a capacity of up to 6 MW, which is approx. ten times greater capacity than what wind power plants had ten years ago.
The huge global demand for wind power plants that exists at present is driven by a number of markets. In the US there are tax credits which are stimulating a major development of the installed capacity. In recent times, this has given rise to a shortage of certain subcomponents which means that delivery times and investment costs have escalated. The significant increase in the electricity price which simultaneously took place in the Nordic region has not had a full impact in individual projects. Here, there are considerable opportunities for additional players in the production chain.
The rapid exploitation creates investment opportunities within both new technology, component production and in the planning of the entire wind power plant.
Wind power in the world – support and objectives
Global
The global installed wind power amounts to approx. 74 GW. The global capacity increased by 15 GW during 2006 which is an increase of 25% compared with the previous year. Simultaneously as wind power produces less than 1% of the world’s electricity use, it accounts for 23% of Denmark’s electricity use, 6% of Germany’s and 8% of Spains. Globally, wind power increased more than fourfold between 1999 and 2005. Europe is the leader in relation to wind power but the most rapid development is taking place in India and China where exploitation is increasing. The US has also the highest declared goal for exploitation of renewable energy in order to reduce dependency on oil from the Middle East by 75%. Wind power constitutes a substantial part of this effort.
EU
The EU had 69% of the total installed wind power capacity at the close of 2006. During 2006, 1.6 GW capacity was installed to a value of SEK 81 billion. This was an increase of 23% compared with 2005 (EWEA). Wind power constitutes the largest part of Europe’s renewable electricity production. The EU in 2001 had a goal that 12% of the Union's electricity production would come from renewable energy by 2010. This goal was recently adjusted to 20% per year. These goals require extensive investments.
Sweden
In Sweden a total of 90 MW new wind power capacity was built during 2006. During 2007 the exploitation is forecast to double. During 2006, Swedish wind power produced over 1 TWh which was an increase of 6.5% compared with 2005. The Swedish Parliament adopted a goal in 2002 of increasing the use of electricity from renewable energy sources by 10 TWh during the period 2002-2010. Simultaneously it established a planning target for wind power of 10 TWh by 2015. With the prolongation of the Electricity certificate system in 2006, the ambition target increased by 17 TWh renewable electricity by 2016. Wind power is expected to account for most of this. Even by 2008, Swedish wind power is expected to have raised production from today’s level of 1 TWh to 8 TWh according to Vindkraftens Investerare och Projektörer. Moreover, if wind power investments currently being planned are included, production would reach 30 TWh, which would correspond to a fifth of the current Swedish electricity production (Energivärlden nr 6, 2006). The European wind power organisation, EWEA, estimates that up to 1900 MW will be built by 2010 corresponding to approx. 5 TWh in Sweden. The Swedish equivalent Svensk Vindkraft aims for up to 2500 MW, corresponding to an investment volume of approx. SEK 35 billion. During the period 2007-2016, investments in Swedish wind power are forecast to amount to approx SEK 50 billion according to the trade association Vindkraftens Investerare och Projektörer.
There is considerable involvement in political circles and during spring 2006, it was decided to prolong the system of electricity certificates until the year 2030 which will favour the development of wind power in Sweden. The permit rules have also been simplified as the decision-making has been decentralized to a municipal level for plants under 25 MW. Previously, the limit was at 1 MW.
The long-term stable regulatory framework surrounding wind power that has been developed in Sweden and Norway in particular, create conditions for investments in electricity production.
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