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India and Denmark to outperform in wind: Fitch Solutions

Fitch Solutions also mentions Poland as wind market to watch in its 10-year forecast

India and Denmark will be outperformers in the wind power market through 2028, Fitch Solutions Macro Research says, pointing also to Poland as a wind power market to watch during the period.

“In India, we expect the government's drive to increase renewables capacity and efforts to reduce hurdles relating to land acquisition and grid connectivity to result in a total of 50GW of wind power capacity to be added over our 10-year forecast period,” Fitch Solutions says in a research note.

“In Denmark we expect wind power to remain the dominant source of electricity output, which will be further boosted by government plans for continuing offshore wind power investments.”

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Although the sub-continent may not reach a target of 60GW already in 2022, the researcher expect India’s installed wind power capacity to soar from an expected 41GW this year to 82GW in 2028.

Given that wind power capacity is centred in the states of Tamil Nadu and Gujarat, boosting the transmission and substation capacity within the states and linking up with other Indian states will be key to ensuring that rising intermittent wind supplies is efficiently integrated to the system, Fitch Solutions says.

The researchers expect wind power to remain the dominant source of electricity generation in Denmark over their 10-year forecast period.

“This view is further underlined by the government continuing its push for expanding offshore wind power capacity - with 2.4GW planned and another 12.4GW of potential capacity being highlighted,” the note says.

Fitch Solutions expects Denmark’s wind capacity to reach 6.08GW this year, and then to grow to 7.96GW in 2028.

Denmark already has the world’s highest penetration of wind power in its energy mix, and Fitch Solutions reckons wind will remain the dominant source of electricity in the Nordic country, accounting for an annual average of more than 54% of the Denmark’s domestic power generation by 2028.

Poland, after reducing regulatory hurdles for onshore wind is highlighted as a market to watch.

“As onshore wind power projects were subject to stringent location requirements and high property taxes, we highlighted the growth potential for offshore wind power projects,” Fitch Solutions says, which expects the country to reach 6.16GW in wind capacity this year, to rise to 8.67GW by 2028.

The development will be helped by progress in first offshore wind developments.

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