Europe’s top wind and solar builder walks back growth plans

By Around the Web

(OIL PRICE) – The biggest wind and solar construction company in Europe, Statkraft, has revised its plans for the future, now expecting to build fewer new wind and solar installations than before. The reasons for the revision are higher costs and lower electricity prices that are compromising the profitability of these projects.

“The transition from fossil to renewable energy is happening at an increasing pace in Europe and the rest of the world. However, the market conditions for the entire renewable energy industry have become more challenging,” the chief executive of the Norwegian company said, as quoted by the Financial Times.

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European states have been on a building spree in wind and solar but this has had one impact on electricity prices that many apparently did not foresee. It has brought prices lower during the hours where there is abundant wind and/or solar generation, even plunging them below zero.

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