The biggest wind and solar construction company in Europe is now expecting to build fewer new wind and solar installations than before.
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.
Over the past year, European wholesale electricity markets have seen increasingly frequent negative prices, which has become a problem for generators that cannot adjust their output to match demand. In addition to the negative electricity price trend, production costs for wind and solar are still high as interest rates remain high, making borrowing costlier for industries that rely heavily on borrowed capital to build their installations.
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