• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 6 mins Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 5 hours America's pandemic dead deserve accountability after Birx disclosure
  • 36 mins Putin blocks Ukraine access to Black Sea after Joe blinks
  • 22 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 11 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days Fukushima
  • 3 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 12 hours Biden about to face first real test. Russia building up military on Ukraine border.
Oil Demand Could Peak By 2026: Goldman Sachs

Oil Demand Could Peak By 2026: Goldman Sachs

Despite a bullish stance on…

Oil Prices Jump As EIA Reports A Crude Draw

Oil Prices Jump As EIA Reports A Crude Draw

The EIA reported a larger…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

First Solar to Write off $150 Million as it Pulls Out of German Market

On Tuesday the Arizona based First Solar announced that it would stop all production at its German plant in Frankfurt and cut its global workforce by 30 percent, around 2000 workers, as part of a broad restructuring plan to. Mark R Widmar, the CFO of First Solar, said that “we need to resize our business to a level of demand that is highly reliable and predictable. We do not see a business case for continuing manufacturing operations in Germany.”

The global solar market is struggling to adjust to several new realities; lower government subsidies, significant overcapacity of manufacturing around the world, and cheap solar panels from China offering intense competition.

For years Europe was the leading market for solar energy, offering generous subsidies and large demand, especially in Italy and Germany who accounted for over half the global market last year. However this year, with the economic downturn restricting government and corporate budgets industry analysts predict that global capacity will only increase by 10 percent this year, compared to 40 percent growth last year.

The German market has fallen on hard times, with lower government subsidies and reduced demand, so much so that First Solar have decided to pull out. They will return a $30 million government grant, spend up to $55 million on severance payments to its workers, and are willing to write off $150 million in assets.

Elsewhere, SunPower, another leading solar company based in the US, has announced that it will reduce manufacturing in the Philippines, and BrightSource Energy has cancelled its initial public offering due to weak investor demand.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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