14 DAY TRIAL // Earlier today, Siemens made it public news that, in the aftermath of various financial estimates it put together, the best thing for company would be to quit its solar energy business, and focus on renewables such as wind and hydropower instead.
Apparently, this German company has recently come to understand the fact that the solar photovoltaic industry is, for the time being at least, unable to meet its expectations in terms of profits and development.
“Due to changed framework conditions, lower growth and strong price pressure in the solar markets, the company's expectations for its solar energy activities have not been met,” their official account of this decision reads.
What is interesting is the fact that this particular piece of news comes shortly after several companies whose working agenda revolved around manufacturing and marketing solar panels asked that the European Union settle a dispute between them and China.
More precisely, they accused this particular country of dumping solar panels and similar installations on the European market.
Turning back to Siemens, it seems that this German engineering giant is not willing to quit the renewables industry altogether. Thus, it plans to invest in wind and hydropower technologies instead.
“The importance of renewable energies in the global power mix will continue to grow and hydro power and wind energy will remain the major renewable contributors,” explained the Chief Executive of the Energy Sector for Siemens, Michael Süß.
Their decision to continue investments in wind and hydropower technologies stems from the fact that, according to company estimates, green energy sources will account for as much as 28% of the global power mix as early as the year 2030.
“More than 7,000 employees work in the wind power division and another 2,000 work in the related service business; and the division has an order backlog of more than €10bn ($13.02bn).”
“Furthermore, we have established our company as the clear market leader for offshore wind power farms and we are also making very good progress in onshore business,” Michael Süß said.