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China Goldwind Technology Co., Ltd., the world’s largest wind turbine maker, reported a rise in first-half profits as China’s rapid expansion of renewable energy boosted demand.
Net profit rose to 1.39 billion yuan ($195 million) in the six months to June, up 11% from 1.25 billion yuan in the same period in 2023, the Chinese company said in a statement on Friday.
China added about 26 GW of new wind power capacity in the first half of the year, up 12% year-on-year, according to the National Energy Administration, with installed capacity hitting a record high in 2023. However, fierce competition and low prices from domestic wind turbine manufacturers have put pressure on companies’ profits, limiting their ability to benefit from the installation boom.
Wind turbine prices in the country were stable in the first half of this year, while they rose in other parts of the world, according to Bloomberg New Energy Finance. More Chinese manufacturers are looking to increase exports to benefit from higher profits and price their products well below those of foreign rivals such as Vestas Wind Systems and General Electric Co, Bloomberg New Energy Finance said in a report late last month.
Chinese wind farm manufacturers mainly export to Asia, Africa, Latin America and the Middle East, while their Western counterparts are more focused on the US and European markets.
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