Sky-high electricity prices and an increasing urgency to curb fossil fuel led to a surge in European solar additions last year. Jules Scully charts how the continent’s ongoing energy crisis is affecting EU renewables policy and PPA appetite.
The CEOs of companies such as First Solar, BayWa r.e. and Meyer Burger have written to the European Commission (EC) to call for urgent action to support the redevelopment of European PV manufacturing.
Around 35GW of PV manufacturing in Europe is at risk of being mothballed as elevated power prices damage the continent’s efforts to build a solar supply chain, research from Rystad Energy suggests.
LONGi Solar has warned of reduced profits after Yunnan Province, where a significant portion of its manufacturing output resides, cancelled a previously-struck power pricing agreement.
Spanish utility Iberdrola has expanded its investment in renewables and smart grid projects to €7.03 billion (US$8.15 billion) but its net profit suffered, falling 10.2% to €2.4 billion (US$2.78 billion), according to its recent financial results for 2021 release today.
Average winning solar bids in Spain’s renewables auction this week came in above those for wind as interest among PV bidders faltered against a backdrop of rising equipment costs and regulatory uncertainty.
