German Utility CEO: Solar in Germany like pineapples in Alaska

“We have reached a situation where hardly anyone in the industry is making profits these days.”

About the ongoing collapse of Europena energy subsidies, Climatewire reports:

Producing solar power in Germany is “as sensible as growing pineapples in Alaska,” Jürgen Grossmann, the CEO of German utility RWE, said last month. And he’s not the only one casting a critical eye on the rapid expansion of photovoltaic technology on a continent where, for the most part, the sun isn’t known for shining too brightly.

A political backlash is growing in Europe against solar energy. Generous subsidies are being cut in rich countries like Germany as well as in deeply indebted nations at the periphery of the euro zone, such as Greece and Spain. This likely means Europe will cease to provide the demand that has fueled the solar industry’s growth in recent years, leaving companies hanging their expansion hopes on uncertain emerging markets like China and India…

Ole Enger, CEO of Renewable Energy, said in a conference call with analysts earlier this month. “We have reached a situation where hardly anyone in the industry is making profits these days. Almost all players in the industry are today running with some reduced capacity, and some have even stopped completely”…