Europe bets big on wind

Summary

Marketplace Morning Report — "Europe Bets Big on Wind"

Date: January 26, 2026
Host: Guy Kilty (BBC World Service for Marketplace)
Featured Guest: Justin Roller, BBC Climate Editor

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Episode Overview

This episode provides a rapid roundup of global business news with two main themes:

• Europe’s ambitious new offshore wind power agreement and the implications for the continent’s energy future, contrasted with the U.S. stance on wind energy
• A look at Peru’s new megaport in Chancay and its impact on local economies, export markets, and urban development

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1. Europe Bets Big on Wind Power

[00:55 – 03:29]

Main Points:

• Ten European nations—including the UK, France, Germany, and Norway—have signed a pact to build a massive offshore wind power grid in the North Sea.
• The project aims to deliver 300 gigawatts of renewable energy by 2050, enough (for context) that 14 GW can power 10 million homes.
• The pact will enable interlinked wind farms that can distribute electricity where it’s most needed, smoothing out demand peaks and (potentially) reducing electricity prices continent-wide.
• The US, under President Trump, remains opposed to wind power, a sharp contrast to Europe’s strategy.

Key Quotes:

• “When you think that about 14 gigawatts of power is enough to power 10 million European homes, you realize this is an absolutely extraordinary commitment to renewable power.”
  — Justin Roller, 01:38
• “They want the wind farms to be connected to multiple countries so that the electricity can be directed to whichever country needs it most… They say this will smooth peaks in demand and should reduce prices across the continent.”
  — Justin Roller, 01:57

Controversies & Challenges:

• Not all European countries are equally enthusiastic. An example given is Norway halting a new interconnector to Scotland due to local worries about domestic energy prices rising as power is sold to higher-paying markets abroad.
• Despite these challenges, the scale and multi-country design of the grid is intended to benefit all by adding flexibility and lowering costs.

Notable Segment:

• “These things can be controversial, but obviously the more power you’ve got, the more flexibility to sell it overall across the continent should result in lower prices. At least that’s what energy economists, the UK national grid, the UK government says. So there are definitely positives. But yeah, I mean there is a certain controversy around the creation of energy through these huge offshore wind farms.”
  — Justin Roller, 02:50

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2. Global Markets Snapshot

[03:31 – 04:26]

Highlights:

• Gold prices hit record highs, surpassing $5,100 per ounce, attributed to “US tariff threats, debate over interest rates, and geopolitical uncertainty.”
• The Japanese yen surged to a two-month high against the dollar, with speculation that the US and Japan might act to support the yen.
• Peru’s Chancay megaport: Introduction to expanding export potential and boosting the region’s role as a Latin American trade hub.

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3. Peru’s Megaport at Chancay: Local Impact & Worldwide Reach

[04:26 – 07:49]

From Field to Port:

• Percy Perez, a local fruit farmer near Chancay, is experimenting with raspberries and blackberries as exports. The new port’s existence has made Asia an accessible market, shortening shipping times by 10–20 days and opening new opportunities beyond the traditional US market.
  • “We want to use the port to export more because it’s good for business… Asia will be our principal market.” — Percy Perez, 04:53

Infrastructure Benefits:

• Growth in supporting infrastructure like warehouses and packing centers is creating local jobs and giving small producers access to new opportunities.
  • “We’re happy that we can sell our produce to one and get a good price because shipping times to Asia are faster now. It means that new markets are opening up to us.” — Percy Perez, 05:32

Changing Workforce:

• Cone Chavez Otado, a former accountant, now operates remote cranes at the port, comparing his new work to “playing a video game” with joysticks and screens.
  • “The crane is completely automatic, but as a trained technician, I monitor and manage the automated systems from the control room. It’s a bit like playing a video game.” — Cone Chavez Otado, 06:24

Managing Growth & Future Needs:

• Jorge Lopez, manager of Chancay Castle theme park, discusses the city’s need for strategic growth, anticipating its population may triple due to port-driven development. The business community urges the government to plan for expanded infrastructure and social services:

  • “The city needs to be properly prepared with things like more hospitals, roads, health services and more police.” — Jorge Lopez, 07:13

• There are also calls for improved road and rail links to connect interior producers to global markets.

Summary Insight:
While the port is already benefiting business and the region, there are urgent calls for urban planning and infrastructure upgrades to ensure sustainable growth.

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4. Memorable Moments

• Guy Kilty’s enthusiastic opening of the wind energy story, highlighting the scale and ambition of the North Sea project.
• Percy Perez sharing his optimism and business hopes as new Asian markets become reachable.
• Cone Chavez Otado’s relatable description of high-tech port operations as “like playing a video game” adds a human touch to automation’s impact.

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5. Timestamps for Key Segments

• 00:55 — Europe’s wind grid pact introduction
• 01:33 — Pact details and goals (Justin Roller)
• 02:24 — Controversies and regional challenges
• 03:31 — Gold price records & international currency moves
• 04:26 — Start of Chancay, Peru segment
• 04:35 — Farmer Percy Perez: export expansion
• 06:08 — Crane operator Cone Chavez Otado: automation & upskilling
• 06:47 — Theme park GM Jorge Lopez: urban development challenges
• 07:49 — Segment closes

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Closing Note

This episode provides a brisk, informative cross-section of global economic transitions: Europe’s bid for cross-border clean energy, Peru’s port-driven trade revolution, and how these grand shifts are experienced by everyday people and businesses. With punchy exchanges and on-the-ground reporting, it offers both big-picture context and the nuances that make these stories tangible.

Transcript

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[Guy Kilty]

Europe bets big on wind power live from the UK this is the Marketplace Morning Report from the BBC World Service. Hi, I'm Guy Kilty. Good morning. A group of European countries has signed a clean energy pact today committing to build an offshore wind power grid in the North Sea. Ten countries, including the uk, France, Germany and Norway, will create wind farms designed to provide power to millions of homes across Europe. It's in contrast to the US where President Trump has been vocal in his opposition to wind power. Justin Roller is the BBC's climate editor. Hi, Justin.

[Justin Roller]

Hi there.

[Guy Kilty]

So just run us through exactly what's been agreed and who's agreed it.

[Justin Roller]

So the signing was at a Future of the North Sea summit in the German city of Hamburg, and 10 energy ministers from European countries agreed to deliver by 2050, 300 gigawatts of power. When you think that about 14 gigawatts of power is enough to power 10 million European homes, you realize this is an absolutely extraordinary commitment to renewable power. The initial agreement was actually signed three years ago. This, this, this declaration will put the kind of flesh on the bones and really interestingly, one of the initiatives that they want to introduce is they want the wind farms to be connected to multiple countries so that the electricity can be directed to whichever country needs it most. And they say this will smooth peaks in demand when also should reduce prices across the continent.

[Guy Kilty]

A big commitment, as you say, but there's not exactly consensus around the world around wind power at the moment. Is that as we occurred in Davos.

[Justin Roller]

Last week, we did, we saw the American president railing once again, tilting once again against what he describes as windmills. And there's been some discomfort within Europe about the ability to sell electricity to multiple countries. There was an issue in Norway where there was a feeling that power generated in Norway, which could be used in Norway was being sold off to other countries where higher prices could be achieved and therefore pushing up prices in Norway. And in fact they were going to put another interconnector between Norway and Scotland and the Norwegian government decided not to go ahead with it. So these things can be controversial, but obviously the more power you've got, the more flexibility to sell it overall across the continent should result in lower prices. At least that's what energy economists, the UK national grid, the UK government says. So there are definitely positives. But yeah, I mean there is a certain controversy around the creation of energy through these huge offshore wind farms.

[Guy Kilty]

Justin, many thanks for joining us.

[Justin Roller]

Pleasure to be on Marketplace again.

[Guy Kilty]

The price of gold has hit yet another record high, surpassing $5,100 an ounce for the first time. The rise has been fueled by a mix of US Tariff threats, debate over interest rates and geopolitical uncertainty with the precious metals seen by investors as a safer option. Let's do the numbers. The yen surged to a two month high against the US Dollar on Monday amid growing speculation that Japan and the United States might work together to support the Japanese currency. The yen was up more than 1% to around 154 per dollar. Peru's mega port has been operating for more than a year now. Chancay Port is a multi billion dollar operation funded by the Chinese state and owned by Costco Shipping. It has ambitious plans to become a local and regional hub across Latin America. But is it living up to them? The BBC's Jane Chambers is in Peru to find out.

[Jane Chambers]

Local fruit farmer Percy Perez is proudly showing off his crops. He grows raspberries, blackberries and blueberries in Jaral region. He's a 15 minute drive from Chancai.

[Justin Roller]

Portos raspberries are one of the berries.

[Percy Perez]

That are most consumed in the world. We've started growing raspberries and blackberries here as a bit of an experiment to see how they do as well as producing fruit to sell locally here in Peru. We want to use the port to export more because it's good for business. We're also planning to buy more land so we can produce more and Asia will be our principal market.

[Jane Chambers]

Percy is taking advantage of the nearby Megaport which has cut transport times to Asia by between 10 to 20 days, making it a cheaper and viable alternative for many exporters in the region. As a small producer, he doesn't use containers in the port directly but relies on the growing infrastructure.

[Percy Perez]

There are lots of warehouses being built here to support the port, which is good for local employment. As a fruit producer, I'm happy because they're also building packing centres to take our fruit for export. We don't have packing facilities because it's expensive. So we're happy that we can sell our produce to one and get a good price because the shipping times to Asia are faster now. It means that new markets are opening up to us. We used to just export to the United States because it's closest, but now Asia is an option and in the middle to long term that's going to give us lots of benefits.

[Jane Chambers]

I've come for a tour of Chiang Kai Port and I'm off in the lift at the fifth floor to meet local cone Chavez Otado, who works for Costco Shipping.

[Cone Chavez Otado]

I operate one of the cranes remotely from here in the main building. I used to be an accountant, but I thought that this would be a good opportunity to learn new things. So I applied to the job and they trained me up to be able to do it.

[Jane Chambers]

What do you like about your job? What do you have to do?

[Cone Chavez Otado]

The crane is completely automatic, but as a trained technician, I monitor and manage the automated systems from the control room. It's a bit like playing a video game. We have things like joysticks and screens to oversee the process of loading and unloading the containers.

[Jane Chambers]

Chancai is a small fishing town around 80 km north from the capital Lima.

[Jorge Lopez]

We at Chonkhai Castle, as well as other businesses in the region, see the megaport as an opportunity.

[Jane Chambers]

That's Jorge Lopez, the general manager of the theme park at Chiang Kai Castle. Although he's a supporter of the port, he says the growing population and businesses need more assistance.

[Jorge Lopez]

The business community are waiting for the government to approve the urban development plan for Chonkhai. This is a small town with currently around 60,000 inhabitants. And because of the port, there are predictions that the population will triple. So the city needs to be properly prepared with things like more hospitals, roads, health services and more police.

[Jane Chambers]

There are also calls for new train lines and roads to make it easier for produce to reach the port from other countries in the region. So although local and regional businesses are benefiting from the mega port, there's still work to be done. I'm the BBC's Jane Chambers for Marketplace in the UK.

[Guy Kilty]

I'm Guy Kilty with the Marketplace morning report from the BBC World Service.

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