欧洲“风荒”拖累风力发电 公用事业公司急寻对冲

Core Viewpoint - European utility companies are facing a "wind drought" that is pushing them to explore the lesser-known weather derivatives market to protect against prolonged periods of low wind conditions [1][5][10] Group 1: Wind Power Capacity and Challenges - Over the past decade, European utility companies have invested approximately $380 billion to nearly double the region's wind power capacity [1] - Despite increasing installed capacity, major wind power companies in Europe have reported significant negative impacts on their wind energy output due to the "wind drought" [5] - Wind speeds in Europe are projected to experience the largest drop since 1940 between February and April 2025, with Germany recording its lowest average daily wind speed since 1996 in April [1][5] Group 2: Financial Implications and Market Response - Wind power operators are purchasing contracts to hedge against actual wind energy production falling below expectations, transferring risk to counterparties like Munich Re and Swiss Re AG [6] - The number of hedging transactions for wind energy is higher this summer compared to previous years, driven by increased interest in weather derivatives due to the unpredictable nature of wind energy [7] - The financial challenges posed by the wind energy shortfall are compounded by high electricity costs, which remain above pre-energy crisis levels, making it expensive for companies to compensate for production gaps [10]