Solar companies are Germany's biggest capital destroyers.
Germans continue to pay a heavy price lor allowing their government to jump on board the "renewable energy" bandwagon --just as it was about to crash into the brick wall of energy reality. The online version of Der Spiegel, Germany's largest newsweekly magazine, reported on March 26 that four of the nation's top 12 "Capital Destroyers" of 2014 are solar tech companies.
The number-one German capital destroyer of 2014, Spiegel writes, was Solarworld: "The company lost almost 82 percent of its value. Since 2010 the share price has gone in the cellar, falling 99.5 percent."
And Germany's solar tech news is not likely to get any sunnier any time soon. Bloomberg Business reported on March 26 that "solar bellwether" SMA's business will continue to shrink. "SM A Solar Technology AG, whose domination of a niche in the business used to make it a bellwether of health in the photovoltaic industry, said it expects sales to shrink for a fifth straight year," said the Bloomberg report.
As The New American has reported previously, the German government was given plenty of warning that its disastrous "green" energy policies would wreak havoc on its economy -without producing any environmental benefit, or having any impact whatsoever on global temperatures. We noted, for example, Danish professor and best-selling environmental author Bjorn Lomborg, who stated in 2012 that Germany's huge solar subsidies (over $ 110 billion) would come back to haunt them.
In 2013, Raine Baake, one of the key architects of Germany's energy debacle, came to the United States to help President Obama promote more of the same here. Bloomberg News helped the effort with the publication of Baake's essay "U.S. Energy Policy Should Take a Lesson From Germany's Energiewende [transition to renewable energy]," co-authored with Jennifer Morgan, director of the Climate and Energy Program at the World Resources Institute (WRI).
To the extent that Americans allow our politicians to continue imposing similarly destructive energy policies on the United States, we can expect to experience similarly devastating results.
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|Title Annotation:||Inside Track|
|Publication:||The New American|
|Date:||Apr 20, 2015|
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