Orsted was downgraded to the lowest tier of investment grade by S&P on increasing risks to its US offshore wind business as the Trump Administration moves to halt the sector’s development https://t.co/tOF3s7ddM0 ...

Industry Analysis - The wind power industry is facing challenges [1] - Orsted is presented as an example of the wind power industry's struggles [1]

Renewable Energy Sector Impact - Certain projects, especially offshore wind projects, are unlikely to proceed [1] - The "Big Beautiful Bill" has an impact on America's energy sector [1]

Company Performance - GE Vernova's growth is primarily hindered by its wind unit [1]

China saw a significant slowdown in solar and wind installations in June after new rules came into effect that threaten the profitability of renewable power projects https://t.co/qW9NupcVoR ...

Investment Rating - The industry investment rating is Attractive [5][31]. Core Insights - New wind installations in China reached 46GW from January to May 2025, representing a 134% year-over-year increase, with May alone accounting for 26.5GW [5][8]. - Wind turbine public tenders totaled 61GW in the first half of 2025, with 49GW for onshore and 12GW for offshore, marking a 17% year-over-year increase [8]. - The average onshore wind turbine (WTG) ASP (tower excluded) was Rmb1,474/kW, up 4% year-over-year but down 11% month-over-month; offshore WTG ASP (tower included) averaged Rmb2,957/kW, down 13% month-over-month [8]. - As of the end of June 2025, 19.2GW of offshore wind projects were under construction, with 2.5GW newly commissioned year-to-date [8]. Summary by Sections Wind Power Installations - New wind installations were 46GW from January to May 2025, up 134% year-over-year, with May recording 26.5GW [5][8]. Tender and Pricing Overview - Wind turbine public tenders were 61GW in 1H25, with 49GW onshore and 12GW offshore, up 17% year-over-year [8]. - Onshore WTG ASP (tower excluded) averaged Rmb1,474/kW, up 4% year-over-year, while offshore WTG (tower included) averaged Rmb2,957/kW, down 13% month-over-month [8]. Project Development - Offshore wind projects: 19.2GW under construction as of end June, and 2.5GW newly commissioned year-to-date [8].

Group 1 - Guangdong Beibu Gulf Offshore Wind Power Development Co., Ltd. has been established with major shareholders including Guangdong Wind Power Co., Ltd. holding 50% [1][2] - The registered capital of the new company is 1 billion RMB, focusing on power generation technology services, wind power technology services, solar power technology services, and energy storage technology services [2] - The establishment of this company highlights the strategic importance of the Beibu Gulf region in Guangdong's offshore wind power and marine economy development [2][3] Group 2 - The Beibu Gulf area is characterized by rich wind energy resources and moderate water depth, making it advantageous for large-scale offshore wind power development [3] - Guangdong aims to establish a 10 million kilowatt offshore wind power base in the western Guangdong region as part of its 14th Five-Year Plan [3][4] - By the end of 2024, three major offshore wind projects in Zhanjiang are expected to have a total investment of 14 billion RMB and a total installed capacity of 1.1 million kilowatts, providing approximately 3.7 billion kilowatt-hours of green electricity annually [5] Group 3 - As of mid-2025, Guangdong's offshore wind power installed capacity is projected to reach 12.51 million kilowatts, making it the highest in the country [6] - The annual power generation from this capacity is expected to exceed 36 billion kilowatt-hours, significantly reducing coal consumption and carbon emissions [6] - Guangdong has 27 offshore wind projects that have achieved full capacity grid connection, with 70% of these projects located in the western region [6][7] Group 4 - By the end of 2025, Guangdong's offshore wind power production scale is expected to reach 15 million kilowatts, with 26 projects included in the provincial key construction project plan [7] - The province is developing a complete offshore wind power industry chain, from turbine manufacturing to installation and maintenance services [7] - The rise of offshore wind power is a significant aspect of Guangdong's marine economy development, with the provincial government actively promoting marine economic initiatives [8][9]

Industry Overview - China's offshore wind sector is recovering after the end of national subsidies in 2021 [1] - The sector has rebuilt a substantial pipeline of offshore wind projects [1]

Group 1 - The company, Ningbo Energy, announced the establishment of a project company in collaboration with Zhejiang Haifeng, Riyue Co., and Dongfang Cable to invest in the construction of the Zhejiang (East China) deep-sea wind power mother port project in Xiangshan [1] - The registered capital of the project company is set at 1.2 billion yuan, with Ningbo Energy committing to a subscribed capital of 240 million yuan, representing a 20% equity stake [1] - This investment will not be included in the company's consolidated financial statements [1]

Policy Impact - "The One Big Beautiful Bill" 将会扼杀风能和太阳能的税收抵免 [1] Resource Competition - 人类与人工智能将在稀缺电力资源上展开竞争 [1]