Klimaretter, the German catastrophe-obsessed warmist site that dedicates itself to “rescuing the climate”, has a story today of the ongoing bloodbath in the German solar industry, here.
Engineering giant Bosch issued a press release in English here, where it reports that a cooling global economy has slowed the pace of growth of the Bosch Group.
But the real damage has come from its solar arm: “a likely one billion euros of impairments and losses in the difficult photovoltaics business had a significant effect on the earnings situation”.
According to klimaretter.de, Bosch’s solar arm posted an operating loss of 450 million euros in 2012. In addition, the solar arm took unplanned special depreciations totaling about 600 million euros. Therefore the losses totalled more than 1 billion euros in 2012 alone. That comes on the heels of “impairments” of 560 million and 425 million euros in 2011 and 2010 respectively.
Klimaretter.de adds:
According to Bosch, the solar arm is currently worth zero euros.”
It goes without saying, the company’s 2000 solar workers now face an extremely precarious future. Already one plant in Erfurt was shuttered at the end of the year.
Instead of focusing on saving the planet from an imaginary climate catastrophe, one that is generated by dubious models concocted by environmental kook physicists, klimaretter.de perhaps ought to focus more on real issues, like rescuing German jobs by promoting sensible policies.
Go Green…………………Go Broke!!!
Sigh. Verrry big sigh.
Would that we in the US could help all of you across the sea break the shackles that are being imposed on you.
For us, I find it appalling that our US news media (and this administration, and many members of Congress, etc., etc., etc.) absolutely and resolutely turn a blind eye to reporting the near catastrophy of what the push for renewable energy has done to Europe and its people.
Where will it end?
Hopefully, there will be a child who will say in all innocence, “Look! The emperor has no clothes!” and break this destructive cycle for all of us.
“Would that we in the US could help all of you across the sea break the shackles that are being imposed on you. ”
Well, to me it looks like you have your own problems… the disappearance of the rule of law… and therefore no more property rights (Linda Green, robosigning, fr**dclosures just as ONE example).
“…disappearance of the rule of law..”
Ah, yes…now it’s governing by fait…our constitution is being assaulted at every turn.
The rule of Lie.
Oh and another word. Don’t pity the Bosch. They’re the slowest on the way out, it serves them right. They are owned by a tax exempt foundation, the good old tax evasion trick.
I’ve seen in the TV news that Siemens has also problems with the solar sector.
http://www.solarserver.com/solar-magazine/solar-news/current/2013/kw04/siemens-reports-usd-201-million-loss-from-solar-division-in-latest-quarter.html
AFAIK Siemens has already shut down its Solar sector.
ZDF heute journal 23/01/2013 – “Siemens steigt aus” Siemens exits
It sounded to me that it hasn’t been closed, yet. Thanks DirkH
Also interesting http://phys.org/news/2012-11-bosch-siemens-door-desertec-renewable.html
I remember when MBB, under Ludwig Bölkow, had in the 80’s the plan to use solar power in North Africa – turn it into Hydrogen and send it trough pipelines to Europe. Quite similar.
Wasn’t it Bosch (& Siemens) who both recently pulled out of the ridiculous Desertec project?
Yes. Desertec is all but dead. There is a tiny remainder; an attempt to channel some solar electricity from Morocco via a cable to Spain, the cable already exists. Morocco being the one country not destabilized for now.
One wonders, are our shadow leaders entirely stupid or is this all part of a grand plan to bring about the ultimate crisis (which one should not let go to waste)?
Stupid or evil…
Not stupid, just evil.
[…] Solar Projects lose billions – So Why Does President Obama Want Tax Payers to Waste Money On T…? […]
Oh BTW did someone mention SolarWorld? 30% down on the day
http://www.comdirect.de/inf/aktien/detail/chart_kd.html?timeSpan=10D&ID_NOTATION=142944
[…] Over the past two years, dozens of German solar manufacturers have been shuttered, among them big ones like Solon, Q-Cells, Solar Millenium and Conergy. Recently electrical engineering giant Bosch announced that its solar operations had lost 1 billion euros, read here. […]