The UK is facing the worst solar power price crash in decades, and the company behind it is planning to shut its solar farms, the Telegraph reports.
The UK has been hit by a global wave of solar energy, driven by China’s rise to power the world’s biggest economy.
But with a record of declining prices, the solar industry has struggled to make a dent.
“We’ve lost a lot of money on our solar business,” said Dan Stansfield, chief executive of the UK’s largest utility, the National Grid.
“The cost of the electricity to generate is going down, so it’s a tough situation.”
The UK government has pledged to invest more in the sector.
However, it’s been clear for some time that the country’s government doesn’t fully understand the scale of the industry.
As the UK has seen more and more solar installed in recent years, prices have fallen.
But even in sunny places, the electricity grid has been slow to respond to demand.
In March, the British government estimated that the sector needed to increase its output by around 500 megawatts per year.
And that is still well short of the 1.3 gigawatts the industry has been able to generate over the past two years.
The industry is also facing problems in terms of economics.
As solar installations have grown, costs have dropped, making it harder for solar power to be delivered to the market.
The British government’s forecasts for the year 2020 are now in doubt.
The government says it needs to invest around £3.3 billion ($5.9 billion) in the UK solar industry by 2030 to help the sector cope with rising costs.
However that investment hasn’t happened, so the country is facing another wave of falling prices.
In the past year, the industry lost £200 million ($322 million) on its projects.
Meanwhile, solar farms have been mothballed.
So the government is planning a series of cost cutting measures.
It has also announced plans to end subsidies for solar projects, which could make it more difficult for the industry to continue.
“I would argue that it’s probably the most difficult and expensive phase of the solar business that we have had in this country,” Stanswell told the Telegraph.
Stansfields team plans to shut down two-thirds of its solar sites and has already announced plans for shutting down a third. “
It’s very difficult to go into a situation where you have a lot less money coming in than you were hoping for, and a lot more people going out.”
Stansfields team plans to shut down two-thirds of its solar sites and has already announced plans for shutting down a third.
The company is already planning to lay off thousands of staff in an effort to reduce costs and meet its targets.
The Government has already promised to increase solar subsidies by £1 billion ($2.1 billion) and has also pledged to create jobs.
The new solar subsidy scheme is designed to give companies more money to invest in solar projects.
It also has the support of the government’s Renewable Heat Incentive Fund, which aims to encourage the installation of solar power by incentivizing developers to build more than 200 megawatts of new solar capacity.
But there are signs that the subsidy scheme isn’t working, with the UK economy continuing to struggle with the drop in electricity prices.
The National Grid says that the solar subsidy program is only effective when it is coupled with strong economic growth and that there is no evidence that the subsidies have worked as intended.