Wind turbine makers continue to struggle due to supply-chain woes and uncertainty over the future of federal tax credits, so much so that analysts are projecting slowing growth for U.S. wind power next year.
Despite strong demand amid a shift toward renewable power, many companies are having a hard time delivering turbines on budget and on schedule due to shipping delays, rising steel costs and other problems.
Shares of Vestas Wind Systems VWDRY -4.57% A/S fell 18% on Wednesday after the turbine maker said supply-chain problems would slice into margins. Siemens Gamesa Renewable Energy SA GCTAY -4.02% said on Friday that it expects shortages and bottlenecks to extend into next year and have an impact on operations. Its shares dipped 3% on Friday and were down 20% for the week.
Global transportation jams are getting worse, not better, said Vestas Chief Executive Henrik Andersen, who said improvements will take “quarters” into 2022 to see. “The visibility is relatively low,” Mr. Andersen said in an interview.