It wasn’t long ago, when interest rates and inflation were low, and the economy and the business of renewable energies in Germany were booming.
But now, Blackout News reports how “the outlook for the renewable energy sector has deteriorated drastically” and affordable raw materials have become hard to get.
Manufacturers are now reeling. “The renewable energy sector is facing the abyss” and is “on the brink.” [emphasis, links added]
“The S&P Global Clean Energy Index, which monitors the performance of the sector, has fallen by 32% in the last 12 months, while the global stock markets have risen by 11%,” writes Blackout News.
“These losses on the stock market not only affect the companies themselves but also the investors and shareholders who have invested in renewable energies.”
The entire article (German) is here.
Reduced work hours, job cuts
Blackout News also reports how the German economy in general, the biggest in Europe, is crumbling at its foundation.
For example, construction equipment manufacturer Liebherr is “putting 1,000 employees on short-time working for 9 months.”
Also, Stiehl, Gardena, and Hansgrohe are “opting for short-time working and job cuts.”
Other famous German companies planning cuts include textile group Groz-Beckert in Albstadt-Ebingen and chainsaw manufacturer Stihl,
“Rising inflation and the construction crisis are two of the main reasons for the current economic uncertainty. Rising inflation is putting a strain on households,” reports Blackout News.
The major driver of inflation and all the German economic misery: The rising cost of energy caused by the government’s incompetent energy policies.
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