Posted on 04/04/2013 9:16:41 AM PDT by xzins
:21AM ET on Sunday by FRANKFURT, March 31 (Reuters) - Bosch, one of the world's largest auto parts suppliers, blames the U.S. fracking boom in shale gas for hurting demand for energy-efficient green technologies, its chairman told a German newspaper.
The Stuttgart-based company recently decided to discontinue its photovoltaic solar energy activities at the cost of roughly 3,000 jobs - due largely, but not entirely, to a glut in capacity built up in China.
"Photovoltaic is going through a unique transition. But you cannot entirely dismiss that the use of energy-efficient technologies came under pressure through fracking in the United States," Bosch Chairman Franz Fehrenbach said in the Sunday weekly Frankfurter Allgemeine Sonntagszeitung.
"The longer availability of fossil fuels naturally has an effect on the (economic) calculation of resource-friendly technologies," he explained.
Fehrenbach swapped his job as chief executive for that of chairman last July, handing over day-to-day control of the company to Volkmar Denner, who became only the seventh CEO to run Bosch since it was founded in 1886.
According to Fehrenbach, last year's 60 gigawatt supply of solar modules around the world was double the amount of global demand, triggering a 40 percent price drop that pushed all manufacturers of photovoltaic systems heavily into the red.
"After this destructive phase there won't likely be a crystalline photovoltaic manufacturer left in Europe that is competitive," the Bosch chairman added.
After first entering the market in 2008 Bosch decided last week to pull out of the solar energy business - an unusual strategic reversal for a company that rarely is forced to eliminate jobs.
The business generated a loss of 1 billion euros ($1.28 billion) in 2012 and its value was written down to zero. .
If you build a better mousetrap....
If the Germans were stupid enough to believe the British pseudo-science scammers, they deserve to go broke.
I’m sure there are plenty of psuedo-science nuts in Germany as well. This is the country that gave us the Frankfurt School, after all.
Chinese solar panel dumping, but not pc to blame them...
Energy efficient? More like cost-ineffective.
The Germans are mad because the Chinese out-subsidized them.
The “Krauts” DESERVE whatever BAD come their way after inflicting “Englels””Marx””Bismark””Kaiser W(V)elhem” and “HITLER” on the world.
Evil Americans spewing carbon into the air.
::sniffff:: Poor poor Bosch!
China out produced you but its the US’s fault for getting our own resources out of the ground.
I feel so bad for you. Please accept this raised finger expressing my compassion.
If energy is cheaper elsewhere, then it’s cheaper elsewhere.
I fully expect the Saudis to drop prices if fracking takes off.
I bought a 9.5 kw Bosche ‘Power Smart’ tankless water heater.
After plumbing it, the dammed thing didn’t work! Cut my pipes and took it back, the piece of scheiss.
US Fracking and the Winchester Model 12 Trench Gun. It’s just not fair.
They need some cheese with that whine.
But, but, but they've been telling us we would run out of fossil fuels in a few years, and finding more should be a GOOD thing! The glass is half-full, not half-empty! Sourpuss Germans.
The solar companies started falling on hard times when they began running out of stupid customers.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.