GS Renewables Barometer: New pockets of demand starting to emerge

A new agreement between Fortum and Google this quarter reinforced our view that inflecting power consumption (2%-3% up yoy in Europe), a pick-up in electrification (e.g., EV sales +50%) and accelerating datacenter development should translate into stronger power demand. In this context, renewables continue to stand out given their lower LCOE and faster time to market. Announced onshore wind orders over 3Q2026 totaled 2.8 GW for Vestas and 1.5 GW for Nordex, with no announcements of firm orders for Siemens Energy and GE Vernova. This was a lighter quarter for Vestas, but Nordex's rolling 12-month order intake is on track to exceed 11GW, up 60% versus three years ago. In offshore, Siemens Energy noted one order will be booked. Results season will begin with Nordex reporting 3Q26 on October 30, followed by Siemens Energy's FY26 results and Vestas' 3Q26 results on November 11. For Vestas and Nordex, we forecast a continued ramp up in profitability year-on-year, driving guidance upgrades fo