……And another one bites the dust. British Petroleum is shuttering its solar manufacturing business. More proof that solar isn’t the big panacea it’s touted to be and is not going to be providing many shovel-ready jobs in the United States or anywhere else, with the possible exception of China.
The unit, which BP has been scaling back since 2008, is the latest sun energy business to fall victim to rampant competition from China, falling prices, overcapacity and lower government subsidies on which the industry still depends.
This doesn’t only affect Europe, this is going to have a worldwide effect…..
The company confirmed on Wednesday that it plans to exit its large-scale projects at Long Haven in the U.S. and Moree in Australia.
Add this to the long list of dead or dying companies such as Solyndra and Evergreen Solar in the US and…..
Swiss bank Sarasin said in a recent study that Conergy and Q-Cells were among the German solar companies most exposed to the sector’s crisis.
We continue to maintain that if solar power was such a great idea government subsidies would not be necessary for solar to be a big financial and energy success and it appears we’re becoming more right as each day passes. Someone should get the people running the US Department of Energy and California Governor Jerry Brown out of their green comas and advise them of this.
Please don’t bring up oil company subsidies. At least they have a viable product, make a profit and pay taxes.
Source: Reuters
