Solar Energy

Air France KLM Martinair Cargo (AFKLMP) has announced its renewed partnership with the Brunel Solar Team as logistics partner for the 2024 Sasol Solar Challenge in South Africa from 13 to 20 September 2024.

“As partners, we hope to help the team win this prestigious solar race for the fifth time. We will handle the air transport and related logistics for the Nuna 12s, the team’s solar-powered car,” the statement said.

To minimize environmental impact, AFKLMP will offset the fuel required to transport the Nuna 12s from Amsterdam to Johannesburg using SAF (alternative aviation fuel), significantly reducing the carbon footprint of the journey.

“Air France KLM Martinair Cargo is inspired by and adapted to the mission of the Sasol Solar Challenge,” said GertJan Roelands, advertising director of Air France KLM Martinair Cargo. “The air transport industry faces the challenge of reducing its carbon footprint. Our goal is to lead innovation in this area by leading initiatives that engage all industry stakeholders.”

After the global oil crisis of 1973, awareness of the environmental damage caused by fossil fuels increased and global efforts to develop alternative energy sources began. In 1983, Danish inventor Hans Tholstrup built the first solar-powered car and drove it across Australia to demonstrate the potential of solar energy. This landmark achievement led to the establishment of Australia’s World Solar Challenge.

In 2001, Delft University of Technology’s Solar Team participated in the sixth World Solar Challenge in Australia with the aim of promoting sustainability and innovation. Led by Dutch astronaut Wubbo Ockels, the team inspired many with their vision. As Ockels famously said, “There is only one earth. And there is no reserve.”

Delft students beat 43 other teams to make history and become the first teenagers to win the race with their solar car Nuna.

Today, solar races continue to drive technological innovation and raise awareness of the environmental impact of fossil fuels. It challenges teams to develop and improve new technologies, contributing to sustainable technology advances that will ultimately benefit commercial industries. By partnering with the Brunel Solar Team, AFKLMP affirms its commitment to sustainability and innovation, significantly enhancing efforts to achieve more sustainable practices in aviation and beyond.

Venezuelan President Nicolas Maduro (left), June 13, 2024. Photo: X/ @teleSURtv

Author: teleSUR English

June 14, 2024 Time: 8:21 am

President Maduro noted that energy production at the municipal level will strengthen the national electricity system.

On Thursday, President Maduro announced that Venezuela will implement a mega electricity plan in the state of Mérida with the support of China, India and Turkey.

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“We have an ambitious plan to generate 3,000 megawatts of solar energy and boost self-generation in the Venezuelan Andes, which has been hit hardest by the US economic war,” he said. Los Andes region.

“We held discussions with China, India and Turkey to strengthen self-production of electricity at the municipal level. This will strengthen the national electricity system so that it will never be sabotaged again,” said the Bolivarian leader, adding that his administration also aims to restore the country’s road and highway system.

“There are very difficult and difficult tasks. However, as we take them on and resolve them, we will fill ourselves with patriotism and feel the greatest satisfaction possible: serving the Venezuelan people,” he noted, stressing that Venezuela’s subnational economies are recovering their strength and productive capacity. .

The president of Venezuela said: “I am happy to see the indicators of economic growth, the defeat of hyperinflation and the stability of the exchange system.”

#Government || President Maduro: I am on a daily pilgrimage with the love of the people

This Thursday, the President of the Republic, Nicolás Maduro, attended a rally in El Vigía, Mérida, to support his candidacy for the July 28 elections. pic.twitter.com/ms2vuSwP68

— Venezuelan News Agency (@avnve) June 14, 2024
The text reads: “President Maduro: I am on a daily pilgrimage with the love of the people. On Thursday, the President of the Republic, Nicolás Maduro, participated in a rally in El Vigia, Mérida, to support his candidacy in the elections to be held on July 28.

“If we see the continued growth of agribusiness and trade in the midst of the worst conditions, then the future will be great: Venezuela will build itself economically,” he said, stressing that the Welfare State will be fully restored.

“We will continue to make progress in restoring public education and health care… Nothing will be privatized. Together with entrepreneurs, we will build three million houses for families in need,” Maduro said.

“The region of Los Andes put up a strong resistance. I thank you for such moral and fighting strength,” said the Bolivarian leader, stressing that one of the tasks of the new stage is the establishment of a “truly republican, democratic and efficient state”.

The Bolivarian leader noted that Venezuela will move towards establishing a new economic model for generating foreign currency by diversifying exports to developing markets.

“Now we have political independence because we don’t have foreign masters. We do not follow any empire, we do not take orders from anyone. We are free, independent and sovereign,” he emphasized during his visit to Merida, where the population welcomed him warmly and enthusiastically.

#News from the South | Venezuelan President Nicolas Maduro held a meeting with the members of the National Council of Productive Economy. He emphasized the continued growth of a diversified national economy despite 930 imperialist sanctions. pic.twitter.com/lYpbE4gIud

— teleSUR English (@telesurenglish) June 13, 2024

Source: VTV – Vice President of Venezuela

teleSUR/ JF

ON THIS NOTE:

Barclays downgraded shares of Nextera Energy from “equal weight” to “underweight”.

NextEra Energy Partners LP (NYSE:NEP) Shares fell 3.6% in premarket trading after Barclay downgraded the solar energy provider to “underweight” from “equal weight” and cut its price target to $25 from $32. The coverage analyst noted that NextEra’s convertible equity portfolio financing has caused it to hit a bottom.

Shares of NextEra Energy, heading for a third loss, could extend its 50.2% loss from the previous year. Shares will open at their lowest point since early May and fall below recent support from the 50-day moving average.

Options traders are in luck because equity is currently being rewarded at favorable prices. The stock’s Schaeffer Volatility Index (SVI) is in the 14th percentile of its annual range of 36%, indicating that options players are pricing in low volatility expectations for NEP. Moreover, his Schaeffer’s Volatility Scorecard (SVS) NextEra Energy stands at 87 out of 100, indicating that shares have beaten options traders’ volatility expectations over the past 12 months.

Solar panel makers in China are seeking government intervention to stop “overinvestment” in the industry as falling prices for solar cells and modules hurt their profits.

Billions of dollars worth of government subsidies and incentives helped China dominates the global solar industry. The country currently accounts for 80% of global module capacity.

But this advantage has come at a price—industry overcapacity has fueled a steep decline in solar cell and module prices, with no end in sight.

Also in AF: Chinese carmakers face new EU tariffs of up to 25%

Last year, the prices of finished solar panels in China fell by 42%.

This not only threatened the profit margins of the big Chinese solar panel makers, but also forced smaller players to close shop.

“We must join forces to prevent overinvestment,” said Gao Jifan, chairman and CEO of Trina Solar and honorary president of CPIA.

Graphic: Reuters

Gao’s comments came as the country’s solar panel manufacturers gathered on Tuesday at the International Solar Photovoltaic and Smart Energy conference to call for industry cooperation.

While Gao wanted government regulation of new investment in the sector to offset further losses, Duan Yuhe, president of SiNeng Electric, asked China’s state planner to intervene.

“The goal is to survive”

Analysts expect Chinese manufacturers to add 600 gigawatts (GW) this year, enough to meet global demand through 2032.

A skilful leap expressed it even China’s own power grid does not have sufficient storage or transmission capacity to absorb excess energy from rooftop solar panels when the sun shines.

This has led Beijing to impose restrictions on feeding excess power from rooftop solar to the grid and cut some of the price supports that have fueled the rapid growth of distributed solar.

Graphic: Reuters

The choice manufacturers are left with is to export more and more solar panels to global markets competing to meet climate goals.

But Chinese solar panel makers are running into roadblocks there, too. Markets such as India and the US have imposed restrictions on imports, not just from China but also the countries of Southeast Asia Chinese manufacturers such as Vietnam, Malaysia and Cambodia have reportedly shipped solar panels.

Europe, a key market for China, is also sounding the alarm about Chinese solar panel imports to counter the threat to domestic manufacturers.

These problems, coupled with intense competition at home, threaten to drive small industry players into bankruptcy.

“Survival is the goal,” Li Gang, chairman of Seraphim Energy Group, said at a conference call on Tuesday.

“Consolidation has already begun”

According to the China Photovoltaic Industry Association (CPIA), from June 2023 to February 2024, at least eight companies canceled or suspended more than 59 GW of new generation capacity, which is the largest share of China’s finished panel production capacity in 2023. It is equal to 6.9%.

And it wasn’t just the smaller players who suffered from the industry’s deteriorating fortunes. In March, China’s Longi Green Energy Technology, one of the world’s largest solar panel manufacturers, announced will lay off about 5% of its employees.

A month later, the company’s vice president, Dennis She he said A Reuters consolidation would be “good for the leading players” in the country.

Graphic: Reuters

At a conference on Tuesday, Asian Photovoltaic Industry Association chairman Gongshan Zhu warned new companies against rushing into the sector.

He noted that industrial profits fell by 70% due to overcapacity and falling prices, while exports were limited by trade barriers imposed by the United States.

“If you’re just a copycat, it won’t be sustainable for you,” Zhu said, adding that the situation is exacerbated by local governments investing to boost employment.

Industry leaders speaking at the conference also called for an end to price competition. They suggested that tender processes should consider research and development levels, not just price.

Some company officials, such as Fei Wu, chairman of Wuxi Suntech Power, said consolidation has already begun. He added that the outlook for the industry is likely to deteriorate this year, with more small companies going out of business.

Reuters, with additional information from Vishakha Saxena

Also read:

China’s Clean Energy Spending to Align with US-Europe in 2024

Chinese Solar Panel Costs to Fall 60% from US in 2023

China is launching the world’s largest solar farm in Xinjiang

China’s Solar Sector Has Been Faced With Oversupply, Low Prices For Years

The US and the EU cannot meet their Climate Goals without China’s Cheap Green Technology

EU cannot close borders with Chinese solar power, says energy chief

China’s Cheap Solar Panels Are Killing European Solar Manufacturers

China’s Wind, Solar Power Capacity Surpasses Coal for First Time

Chinese Solar Firms Pay Price of Global Advantage – FT

Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. He has been working as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, he is very interested in the new economy, emerging markets and the intersection of finance and society. You can write to his address [email protected]

$3.42 +0.10 (+3.01%)

(as of 06/10/2024 ET)

52-Week Range $1.76

▼

$12.18

Price Target$4.56

SunPower Co. NASDAQ: SPWR offers solar products including high efficiency solar panels and complete solar systems to businesses and homeowners. SunPower manufactures its own photovoltaic (PV) solar panels, Maxeon solar cells with interdigitated back contact (IBC) technology, which are more efficient than optimized passivated emitter and back contact (PERC) panels. Maxeon panels absorb more sunlight because the entire front absorbs sunlight, which converts more photons into energy. SunPower claims to be the #1 solar company in the US.

SunPower shares have been steadily rising along with their peers in the oil/energy sector. It competes with other sellers like it First Solar Inc. NASDAQ: FSLR, Sunrun Inc. (NASDAQ: RUN), and Canadian Solar Inc. NASDAQ: CSIQ.

buy SunPower Warnings:

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Catalyst for Solar Adoption with SunPower

Solar energy stocks rise strongly in 2024. SunPower offers thousands of reasons to choose solar energy, from annual savings to lower electricity bills to receiving the solar federal tax credit and federal storage tax credit. The global decarbonization effort aims to slow the rate of global warming by 2030.

Global Renewables and the Promise of Energy Efficiency

At COP28 in 2023, 118 countries committed to triple global renewable energy capacity to 11 TW by 2030. However, China, India, South Africa and Egypt did not sign the pledge. The goal is to limit global warming to 1.5 degrees Celsius and keep it below 2 degrees.

SPWR Tries to Trigger an Ascending Triangle Wrinkle

The daily candlestick chart on SPWR shows an ascending triangle pattern that has failed in 2 breakout attempts as the stock continues to pull back into the triangle range. An ascending trendline was formed at $1.77 on April 23, 2024, with higher lows on pullbacks against flat upper trendline resistance at $3.75. SPWR is nearing a tipping point, where a breakout will inevitably occur below an upper trendline or a rising lower trendline. The daily relative strength index (RSI) is cutting around the 56-band. Pullback support levels are at $3.10, $2.62, $2.16 and $1.77.

SunPower Delays Filing of 2023 Form 10-K and Q1 2024 Form 10-Q

The company previously disclosed that management’s company disclosure controls and procedures, as well as internal controls, were not effective for the four quarters of 2023, specifically January 1, April 2, July 2 and October 1. The company’s remediation plan for the material weakness in SunPower’s internal control over financial reporting will be further described in its Form 10-K for the period ending December 23, 2023. This will cause a delay in the filing of its Q1 2024 Form 10-Q report. SunPower plans to restate the Affected Prior Period Financial Statements and file its 2023 Form 10-K and Q1 2024 Form 10-Q as soon as possible.

New Tariffs May Be Coming to Asian Solar Panels

The US International Trade Commission (USITC) has voted to continue its anti-dumping and countervailing duty investigations into certain solar energy imports from Malaysia, Thailand, Vietnam and Cambodia. The ITC is reviewing applications from manufacturers who allege that imports are being sold below cost to unfairly benefit from billions of dollars in subsidies. Many of these subsidies are offered directly by Chinese government agencies. The ITC’s initial determination was that there was a reasonable showing of pecuniary injury to US producers.

The vote allows the US Commerce Department to continue investigating whether international manufacturers are dumping solar products and receiving illegal government subsidies. This may lead to the collection of initial fees starting in July 2024.

SunPower Now Offers The Tesla Powerwall 3 To Its Product Portfolio

On May 22, 2024, SunPower announced that it would offer Tesla Inc. NASDAQ: TSLA As part of the Powerwall 3 battery storage solution product portfolio. The Powerwall 3 has 11.5 KW of power and 13.5 kWh of energy to power the entire home and efficiently capture solar energy. Combining a SunPower Equinox solar system and a Tesla Powerwall 3 makes sense for homeowners. SunPower also expanded its financing. The company expects that 25% of American homeowners who install rooftop solar panels will also add a battery storage system.

SunPower analyst ratings and price targets at MarketBeat.

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