Top wind firm profits tumble 98% in new blow to clean energy ajot.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ajot.com Daily Mail and Mail on Sunday newspapers.
Xinjiang Goldwind Science & Technology Co., the largest wind-turbine maker, said third-quarter profit tumbled in another blow to a renewables sector reeling from the impact of lower prices even as demand jumps. The producer’s net income fell 98% to 9.4 million yuan ($1.29 million) in the three months ended Sept. 30 from a year earlier, the company said Thursday in a statement. Sales volumes in the first nine months were 8.9 gigawatts, up more than a quarter on the same period in 2022. Goldwind’s shares fell as much as 5% intraday in Shenzhen on Friday.
The average price of solar silicon has fallen drastically by 22% due to polysilicon overproduction in China s solar panel supply chain, leading to operational losses and production shutdowns for several manufacturers
Even if the Fed pauses its streak of 10 consecutive rate hikes, most observers expect the higher interest rates we are living with won't be unwound overnight.
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