Danish power group Orsted and wind turbine maker Vestas have warned of difficult conditions for the renewable energy industry as projects in Europe have had to contend with low wind speeds while supply chain hold-ups, rising energy prices and raw materials costs have hit manufacturers.

Vestas warned on Wednesday of an “increasingly challenging global business environment for renewables” as it cut its full-year operating profit margin forecast for the second time in three months.

Orsted, the world’s largest offshore wind farm developer, said it had taken a DKr2.5bn ($389m) hit from lower wind speeds this year compared with 2020 as it repeated an expectation that its 2021 profits are expected to come in at the lower end of a guided range. Third-quarter operating profits were slightly below analysts’ expectations, the group said as it presented its results for the first nine months of the year.