Production hit 40.6 TWh in 2024 but revenues stagnated due to crashing prices. Industry lost 6.3 billion SEK total with -51% margins, up from -39% in 2023. 80% of turbines sit in loss-making companies. Losses spread beyond Norrland: southern Sweden hit -26% margins and 1.5 billion SEK losses. 46% of southern turbines in red companies. State-owned Vattenfall's wind ops lost 870 million SEK at -133% margins. Cannibalization from overproduction tanks prices, especially in Norrland with negative price hours doubling. Overcapacity in Norrland from failed green projects like Northvolt and poor grid links. Tall new turbines break faster, slashing lifespans below 25-year depreciation assumptions. Subsidies like certificates added only 7% to 2024 revenues. Companies get paid not to produce during high winds, wearing out blades. Unrealistic low-interest loans and state guarantees prop up zombie firms. 300 billion SEK invested since 2000s yields chronic losses. Bankruptcies rare – losses covered by shareholder loans and emissions. Continued expansion to 51 TWh in 2025 will worsen cannibalization. Actual losses understated by ignoring externalities like property devaluation and dismantling costs.