• 40 mins Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 hours Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 hours $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 hours Venezuela Officially In Default
  • 8 hours Iran Prepares To Export LNG To Boost Trade Relations
  • 10 hours Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 16 hours Saudi Oil Minister: Markets Will Not Rebalance By March
  • 21 hours Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 1 day Rosneft Announces Completion Of World’s Longest Well
  • 1 day Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 1 day Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 1 day Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 1 day Santos Admits It Rejected $7.2B Takeover Bid
  • 2 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 2 days Africa’s Richest Woman Fired From Sonangol
  • 2 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 2 days Russian Hackers Target British Energy Industry
  • 2 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 2 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 2 days Lower Oil Prices Benefit European Refiners
  • 2 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 3 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 3 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 3 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 3 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 3 days OPEC To Recruit New Members To Fight Market Imbalance
  • 3 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 4 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 4 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 4 days GE Considers Selling Baker Hughes Assets
  • 4 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 4 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 4 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 4 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 4 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 7 days The Oil Rig Drilling 10 Miles Under The Sea
  • 7 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 7 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 7 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
  • 7 days Kenya Set To Give Local Communities Greater Share Of Oil Revenues
China’s Mysterious Arctic Silk Road

China’s Mysterious Arctic Silk Road

As China pushes through its…

Oil Tycoon Hamm Slams EIA’s Overoptimistic Shale Forecasts

Oil Tycoon Hamm Slams EIA’s Overoptimistic Shale Forecasts

Shale billionaire and chief executive…

British Solar Industry In Jeopardy, 12,500 Jobs Lost

Solar Panels

A new report has found that jobs in the British solar industry are being slashed amid a very gloomy outlook for that sector.

The study, from the Solar Trade Association (STA) and PricewaterhouseCoopers (PwC), cited by the Institution of Mechanical Engineers detailed a 32 percent fall in the number of employees among the 238 solar industry companies in the U.K. surveyed, from 5,362 in 2015, to the current tally of 3,665.

The STA believes that at least 12,500 jobs may have been lost over the past year throughout the entire British solar industry.

Three in ten respondents also believe they will lay off more workers over the next 12 months, though half feel their workforce will remain unchanged.

The study detailed numerous concerns over the future of solar in the UK, including the uncertainty created by the expected withdrawal of Britain from the European Union, popularly known as Brexit. In addition, the National Grid utility warned that the UK would likely miss its legally binding EU aim of renewable sources making up 15 percent of national energy demand.

Aside from the factors related to the EU, deployment in domestic solar has plummeted by 80 percent for domestic solar under the Feed-in Tariff (Fit) over the past year. Commercial solar roofs deployment under Fits is capped at just 15MW per quarter, while the government is currently allocating only 1 percent of new renewable energy project expenditure to solar power under the Fits. As a result, some executives in the STA/PwC study believe officials have tricked the solar industry.

“Since the government’s U-turn, our hand has been forced to re-evaluate our strategy for both roof and ground mount installations, and this has had a direct impact on our team and internal resourcing requirements,” said Nick Boyle, CEO of Lightsource.

Related: Why Oil Prices Are On A Crash Course This Fall

“We urge new ministers, rather than increase the tax burden of going solar, please reward investment with sensible solar tax breaks consistent with action on climate change,” declared Leonie Greene, head of external affairs at the STA.

The STA cited actions by the governments of Scotland and London to promote solar energy use and the sector as a whole. Nevertheless, the report found that one in eight respondents are interested in expanding to foreign markets with Africa, North America, and Northern Europe as the main regions of interest.

The British solar industry in June generated a record 23.9 percent of national energy demand according to the STA. The group also noted that solar powers the equivalent to 3.8 million homes in the UK. Despite this, around 40 percent of solar power firms in the country are either exiting the market or diversifying into other energy sources, the study also found.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News