Don’t laugh too hard but this has been a terrible week for the renewable energy dream.
Across the world solar energy share prices have crashed. This was caused by a sudden and unexpected decision by China, the world’s biggest solar manufacturer and user, to rein in subsidies.
According to Caixin Global:
China has abruptly put the brakes on solar power subsidies, seeking to stem overcapacity in a sector that has benefited for years from government incentives.
The move caught many in the industry off guard.
The government won’t grant subsidies to any new ordinary solar projects this year. For those that are being built, the incentives will be cut by 0.05 yuan (0.8 U.S. cents) per kilowatt-hour (kWh).
Solar stocks have fallen across the board by double digits. It’s uncertain when they will recover.
It hasn’t been a good week for wind energy either.
Read the rest on Breitbart.