GS Utilities Daily: Europe Wind Manufacturers: US orders continue to progress, adding upside risk to profit outlook // Germany awards 2.5

研报英文原文证据摘录

GS Utilities Daily: Europe Wind Manufacturers: US orders continue to progress, adding upside risk to profit outlook // Germany awards 2.5

Goldman Sachs GS Utilities Daily

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Europe Wind Manufacturers: US orders continue to progress, adding upside risk to

profit outlook

Yesterday evening, Vestas announced it had received orders totaling 869 MW in the US

for undisclosed onshore wind projects. This comes without full policy certainty over

Section 232. The US onshore market continues to show signs of gradual recovery, with

Vestas having secured 1.5 GW of orders so far in Q2 from the US, and 5.2 GW of orders

in the trailing 4 quarters. Nordex has also received three firm orders totaling 0.5 GW, in

addition to the 1.1 GW conditional order received in H2 2025. Nordex aims to return to

its previous US market share which was c.20%. This is while rising power demand, less

competition and rising equipment costs/waiting times (re-shoring) – coupled with a

higher cost of capital – have supported a strong increase in PPA prices from c.$30/MWh

in 2020-21 to above $70/MWh currently in the US. Better pricing has been translating

into higher returns in US renewables. We see the contribution of US orders as an upside

risk to our estimates, which do not include sizeable US additions to reflect the increased