Renewable Energy Giants Unfazed by Trump’s Anti-Wind Policies
Despite US President Donald Trump’s recent executive order suspending new or renewed leases for offshore and onshore wind projects, renewable energy giants remain optimistic about the future of electrification.
A “Slight Plus” for Siemens Energy
Joe Kaeser, chairman of the supervisory board of Siemens Energy, believes Trump’s policies could actually benefit the German energy technology group. With roughly 80% of Siemens Energy’s wind market in Europe, Kaeser is confident that the company will not be directly impacted by the president’s measures.
Electrification Age Has Just Begun
Kaeser is excited about the booming electrification market, citing growing demand for data centers, artificial intelligence, and electrically powered products. “I believe the electrification age has just begun… Whether that’s gas turbines or wind or solar or something else, we’ve got everything, and the customers decide in the end,” he said.
Iberdrola Bullish on Electrification
Spanish renewable energy giant Iberdrola is also confident about the transition away from fossil fuels. Ignacio Galán, executive chairman of Iberdrola, described the process as “absolutely unstoppable.” Galán cited soaring global demand for electrically powered data centers, low-emission vehicles, and cooling and heating applications.
US Offshore Wind Sector Faces Uncertainty
While Trump’s energy agenda may not directly impact European wind power giants, the US offshore wind sector faces uncertainty. Artem Abramov, head of new energies research at Rystad Energy, believes the likelihood of new offshore developments in the US has fallen to zero – at least for now.
European Wind Power Giants React
Shares of some European wind power giants, such as Denmark’s Orsted, fell shortly after Trump took aim at wind power plans. However, Siemens Energy’s shares jumped more than 8% on Wednesday morning, hitting a new 52-week high.
The Road to Full Electrification
Despite the uncertainty surrounding Trump’s energy policies, renewable energy giants remain committed to the transition away from fossil fuels. As Kaeser said, “One thing I believe one should not underestimate, the White House is not buying much [but] the customer does.”
Leave a Reply