Wind Snippets German and Dutch Offshore Wind - risks for some but opportunities for the others

研报英文原文证据摘录

Wind Snippets German and Dutch Offshore Wind - risks for some but opportunities for the others

J P M O R G A N Europe Equity Research

12 June 2026

Wind Snippets

German and Dutch Offshore Wind - risks for some but

opportunities for the others

Since the signing of large framework and firm orders with cable and converter European Capital Goods

ACstation companies in 2023, we have been watching the developments in the Akash Gupta

German and Dutch offshore wind markets closely. While grid connections for the (44-20) 7742-7978

offshore wind sites are progressing as planned, most of the actual offshore wind akash.z.gupta@jpmorgan.com

projects are running significantly behind original schedule, with a large number of J.P. Morgan Securities plc

projects yet to select a turbine manufacturer. Undoubtedly this has raised questions Phil Buller AC

about the commercial viability of projects, with local media reports in recent weeks (44-20) 3493-9403

phil.buller@jpmorgan.com

suggesting that some winners of previous German auctions are looking to exit the J.P. Morgan Securities plc

projects. Should some of the offshore wind projects from the pipeline come for

Chitrita C Sinha

award, we believe it will bring commercial opportunities for Vestas and Siemens (44-20) 7742-7176

Gamesa (owned by Siemens Energy). On the other hand, if these projects are chitrita.sinha@jpmorgan.com

delayed further, then the risk of delays in offshore wind grid connection cannot be J.P. Morgan Securities plc

ruled out. Although such an outcome would be a negative for cable companies Jeremy Caspar

(Nexans, NKT and Prysmian) and converter station suppliers (Siemens Energy), (44-20) 3493-5188

our conversation with TenneT shows that it is committed to executing the project jeremy.caspar@jpmorgan.com