BNEF's Wind Turbine Price Index (WTPI) covering 2H 2011, found prices had fallen to €0.91 million, with older models, including the GE 1.5MW, Vestas V90, being particularly badly hit in terms of price falls.
Additionally, the research found that newer models such as the Vestas V112 3MW and V100, GE2.5MW and Siemens SWT2.3MW turbines, were falling to €1 million/MW, around 10-15% below expectations.
The price falls were blamed on overcapacity in the global marketplace with the European markets particularly badly hit. Core European markets Spain, the UK, France and Italy, showing pricing in the €0.78 million/MW to €86 million/MW range.
Procurement officers taking part in the research said they expected the trend to continue under 2015. A 2% decrease is predicted both in 2012 and 2013, before a small recovery takes places in 2014.
The influence of manufacturers from the Far East in Europe and the Americas has also been felt with some projects falling as low as €70 million/MW.
The report was compiled via 38 turbine buyers covering around 230 contracts on 10.6GW of projects.