EU not ready for formal probe into China's wind industry -source

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The European Union still lacks 'very clear evidence' of unfair practices to launch a formal probe into China's wind power industry that has become a cut-price competitor to Europe's, an EU official said.

BRUSSELS, Oct 24 - The European Union still lacks "very clear evidence" of unfair practices to launch a formal probe into China's wind power industry that has become a cut-price competitor to Europe's, an EU official said.foreign subsidies as part of a broader action plan to support its struggling wind industry that is fast losing its leadership position.

"The announcement of the investigation on the EVs was a bit of a shock because it was announced in such a political speech and a change of tune from traditional openness. China interpreted it as a foregone conclusion that they were already taking measures," the official said.As for wind, the EU official said that "at this stage" the Commission lacked sufficient basis to go further.

"None of the giant European producers would be able to afford not paying for their project for 5-6 years until its producing electricity. These make you wonder but these are not substantiated evidence that there is a trade violation." While U.S. President Joe Biden's Inflation Reduction Act sent shockwaves through the EU last year, the EU official said Asian competition with its "lack of transparency and subsidies" was now seen as a bigger risk to its clean energy industry.

 

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