Siemens lets the sun go down on solar power
Published: 22 Oct 12 11:32 CET | Print version
Online: http://www.thelocal.de/money/20121022-45703.html
German engineering giant Siemens is abandoning its solar energy business in favour of wind and hydropower, the company announced in a statement Monday.
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The company will sell Solel Solar Systems, which it acquired in 2009 for $418 million, and the photovoltaic business of its solar and hydro division.
The solar and hydro division generated revenue "in the low triple-digit millions" in the business year ended September 30, 2012, and has "around 800 employees," the company said.
“The global market for solar thermal energy has fallen from four gigawatts to recently a little more than one gigawatt,” said Michael Süß, a member of Siemens’ board of directors and the CEO of its energy sector, in a statement. “In the future, specialized providers will be able to play off their strengths here.”
Siemens CEO Peter Löscher just announced a two-year savings programme, because of weak economic growth, during which all unprofitable enterprises will go under the microscope.
The company is in the midst of talks with interested parties about selling its solar businesses, which will continue operating until a sale is final. Siemens will retain its hydropower business, it confirmed.
DAPD/DPA/AFP/The Local/mbw
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Your comments about this article:
1. Evergreen Solar ($25 million)*
2. SpectraWatt ($500,000)*
3. Solyndra ($535 million)*
4. Beacon Power ($43 million)*
5. Nevada Geothermal ($98.5 million)
6. SunPower ($1.2 billion)
7. First Solar ($1.46 billion)
8. Babcock and Brown ($178 million)
9. EnerDel¦#39;s subsidiary Ener1 ($118.5 million)*
10. Amonix ($5.9 million)
11. Fisker Automotive ($529 million)
12. Abound Solar ($400 million)*
13. A123 Systems ($279 million)*
14. Willard and Kelsey Solar Group ($700,981)*
15. Johnson Controls ($299 million)
16. Schneider Electric ($86 million)
17. Brightsource ($1.6 billion)
18. ECOtality ($126.2 million)
19. Raser Technologies ($33 million)*
20. Energy Conversion Devices ($13.3 million)*
21. Mountain Plaza, Inc. ($2 million)*
22. Olsen¦#39;s Crop Service and Olsen¦#39;s Mills Acquisition Company ($10 million)*
23. Range Fuels ($80 million)*
24. Thompson River Power ($6.5 million)*
25. Stirling Energy Systems ($7 million)*
26. Azure Dynamics ($5.4 million)*
27. GreenVolts ($500,000)
28. Vestas ($50 million)
29. LG Chem¦#39;s subsidiary Compact Power ($151 million)
30. Nordic Windpower ($16 million)*
31. Navistar ($39 million)
32. Satcon ($3 million)*
33. Konarka Technologies Inc. ($20 million)*
34. Mascoma Corp. ($100 million)
http://www.dailymail.co.uk/news/article-1345233/Its-use-waiting-turbines-warm-snow-returns.html?openGraphAuthor=%2Fhome%2Fsearch.html%3Fs%3D%26authornamef%3DDavid%2BDerbyshire%2BEnvironment%2BEditor
Global warming is a myth and is being used as an extra way to tax the public:
http://www.dailymail.co.uk/sciencetech/article-2217286/Global-warming-stopped-16-years-ago-reveals-Met-Office-report-quietly-released--chart-prove-it.html
Siemens selling the solar division because it makes little or no profit may be linked to Chinese companies dumping (backed by the Chinese gov): http://www.bloomberg.com/news/2012-09-21/european-solar-lobby-says-china-talks-should-wait-for-eu-finding.html
Preventing climate change isn't the primary motivation for diversifying energy sources. ( Recent climate change has already happened, whether it had anything to do with man made C02 is unproven ). The primary motivation for these failed green companies and the extra taxes is to try and diversify the energy supply in advance of the expected decline in oil. We have taken out Iraq, Afghanistan and Libya in the last decade. Syria is underway and sadly Iran are also under the crosshairs. All of this may buy the west another decade of unbridled consumption. The cost of the oil wars pails the investment in green-tech into insignificance. So keep some perspective.
You obviously don't pay your own power bills.
The extra expense that people pay to fund this green fantasy means you have that much less money left to buy other things, making your country less competitive in the market and people poorer.
Outside of higher costs, a less reliable grid and lower competitiveness, it's great!