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Solar Stocks Plunge as Germany Quickens Subsidy Cuts
Posted By kurtnimmo On January 23, 2012 @ 8:51 am In Science & Technology | Comments Disabled
Bloomberg Business Week
January 23, 2012
Solar stocks plunged around the world after Germany, the largest market for panels, said it will make quicker cuts to subsidized rates and phase out support for the industry by 2017.
Chinese manufacturers listed in New York fell for a second day, with Trina Solar Ltd. and JA Solar Holdings Co. skidding 17 percent over the two-day period. GCL-Poly Energy Holdings Ltd., which makes the raw material for most panels, fell the most since November in Hong Kong. In Europe, Meyer Burger Technology AG, Solarworld AG and SMA Solar Technology AG dropped at least 5.3 percent each today.
German Environment Minister Norbert Roettgen said last night that he planned to reduce feed-in tariffs providing above- market prices for solar power every month instead of twice a year as he does now. He said he’s working to curb an “unacceptable” surge in installations last year.
“It was clear that Roettgen would accelerate feed-in tariff digressions which would remove the bloom from the rose,” Jesse Pichel, an analyst for Jefferies Group Inc., said today. “This will remove the ability for the German market to materially upside estimates.”
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