Over the past five years the European wind industry has been squeezed by rising costs and penny-pinching clients, plus the arrival of Hurricane Trump, sinking market caps of suppliers like Vestas and developers like Ørsted, still below their 2021 peaks. But results from the pair this week point to improving conditions. At Vestas, operating margins in Q2 came at 9.4%, up from 1.5% last year. Ørsted, which raised $9.4bn of capital less than a year ago, had no further bad news on costly legacy projects.

Governments are coming around to supporting wind power. The UK led with its January auction for offshore capacity, requiring relatively high fixed prices. Denmark, which failed to attract bidders in 2024, ran a successful round this month, and the Netherlands is reintroducing subsidies. Tensions over the Strait of Hormuz in Iran have driven up gas costs and heightened energy security concerns.

Even in the US, despite President Trump’s opposition, 2026 onshore installations are set to be the highest in five years, according to Wood Mackenzie, as data centres demand more power. European suppliers are in a better competitive position: geopolitical tensions may deter clients from buying Chinese turbines, and oil companies have pivoted back to legacy businesses, reducing competition for specialists like Ørsted.

Wind energy has been a poor investment in recent years, but prospects are looking up on commercial and strategic grounds. There may be something to salvage from this wreckage.