By Eric Worrall – Re-Blogged From WUWT
h/t James Delingpole – This is a bad year for renewable energy.
Goldman Sachs Puts a Grim Number on Solar Slump for This Year
By Chris Martin
20 July 2018
Anyone following clean energy knew this could be a tough year for solar. Goldman Sachs Group Inc. just put a grim number on how bad.
The pace of global installations will contract by 24 percent in 2018, Goldman analysts led by Brian Lee said in a research note late Wednesday. That’s far more dire than the 3 percent decline forecast by Bloomberg NEF in the bleakest of three scenarios outlined in a report earlier this month. Credit Suisse Group AG is forecasting a 17 percent contraction.
The Bloomberg story cites news from June about China cutting back on Solar;
Solar Prices Nosedive After China Pullback Floods Global Market
By Chris Martin
21 June 2018
Solar panels were already getting cheaper this year, and then China pulled the plug this month on about 20 gigawatts of domestic installations. The result was a glut of global inventories, and now prices are plunging even faster.
China, the world’s biggest solar market, on June 1 slammed the brakes on new projects that would have had as much capacity as about 20 nuclear power plants. With a global panel glut it’s a buyer’s market and developers in other countries are delaying purchases, holding out for even lower prices.
China is not alone in pulling back on Solar. The new government in Ontario cancelled $790 million dollars worth of contracts a week ago (h/t JoNova).
Ontario to Cancel Energy Contracts to Bring Hydro Bills Down
Keeping election promise will save $790 million to help lower electricity bills
July 13, 2018 2:00 P.M.Ministry of Energy, Northern Development and Mines
TORONTO — Ontario ratepayers will benefit from $790 million in savings thanks to the Government of Ontario‘s decision to cancel and wind down 758 renewable energy contracts, Minister of Energy, Northern Development and Mines Greg Rickford announced today.
“We clearly promised we would cancel these unnecessary and wasteful energy projects as part of our plan to cut hydro rates by 12 per cent for families, farmers and small businesses,” said Rickford in making the announcement. “In the past few weeks, we have taken significant steps toward keeping that promise.”
All of the cancelled projects have not reached project development milestones. Terminating the projects at this early stage will maximize benefits for ratepayers.
An Australian industry group recently warned that solar power is destabilising the grid. (h/t JoNova). This has not yet translated into substantial cutbacks, but its likely only a matter of time.
Too much of a good thing: Solar power surge is flooding the grid
By Cole Latimer
6 June 2018 — 4:42pm
The rising number of solar rooftop installations is creating concerns that too much energy is flooding into the electricity grid, and could cause blackouts as the system struggles to control the excess power.
“Solar spill”, when high levels of energy are generated by rooftop installations in the middle of the day when demand is low, is becoming a problem for Australia’s electricity networks, according to Andrew Dillon, the head of the grid representative body Energy Networks Australia.
Government subsidies have done a good job to date of shielding solar enthusiasts from business reality, but the election of President Trump, and waning political enthusiasm across the world appear to have combined to create a severe contraction in demand for this useless form of electricity generation.