European Utilities: Global offshore wind: Expert call feedback

研报英文原文证据摘录

European Utilities: Global offshore wind: Expert call feedback

Global Research

22 July 2026ab

European Utilities Equities

Europe including UKGlobal offshore wind: Expert call feedback

Utilities

Mark Freshney

Bottom line Analyst

We hosted an expert call last week with a team at OWC, part of Aqualis group. OWC is mark.freshney@ubs.com

a specialist renewable consultancy working with industry players on project +44-20-7568 3989

development, owners' engineering, and technical due diligence. For us, the takeaways Christabel Kelly

were competitiveness of Chinese turbines, the move to deepwater offshore wind and Analyst

commentary on potential asset lives. We have Buy ratings on Ørsted (PT DKK190, christabel.kelly@ubs.com

Buy), RWE (PT €66, Buy) and Iberdrola (PT €21.4, Buy), all of which are leaders in +44-20-7568 2358

offshore wind outside of China. Wanda Serwinowska, CFA

Analyst

Chinese turbines OEMs competitive, but market appears limited wanda.serwinowska@ubs.com

+44-20-7568 3980

Chinese wind turbine suppliers are increasingly competitive internationally, supported

by a large domestic market, extensive offshore wind experience and typically more Gonzalo Sanchez-Bordona

attractive commercial terms than European suppliers. Indeed, there is 47GW Analyst

commissioned in China (versus c16GW in the UK). While perceptions of lower quality are gonzalo.sanchez-bordona@ubs.com

+34-91-745 4147

not generally supported, key barriers to export remain around local content, limited

overseas fabrication and operations bases, and political or trade scrutiny. These include Anna Webb

the UK Government's March 2026 decision to ban Mingyang turbines from UK projects Analyst

(we note a reason was not publicly stated) and industry players' complaints to the anna.webb@ubs.com

+44-20-7568 8293