Wednesday, February 8, 2012

Bad News For Renewables, Globally

Vestas has sent packing its DFO packing after announcing a 166 million Euro loss - management and the market are blamed
Not far away, Nowegian PV group REC posted it's worst full-year loss in its 15-year history.  The $1.6 billion loss dwarfs the loss at Vestas, and left REC noting, in its annual report, the chance that the company may "participate in the expected industry consolidation."  - see report here

The slowdowns in Europe aren't unexpected (although any sane Ontario resident should take note of their future having chosen to pick industries to stake a future on), and even Bosch's delay in developing a 520 million Euro solar plant's construction in Malaysia could logically be linked to struggles in Europe (here).

The news that followers of the electricity sector should note comes out of China, where the largest wind farm developer, Longyuan, may cut back future plans due to poor output levels.
According to ("Longyuan 'may rein-in projects' if poor winds persist in China"), the wind resources have been at a 10-year low, and China also experienced the lowest rainfall in nearly 4 decades.

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