Germany sets new solar power record

Updated 28 May 2012

Germany sets new solar power record

Berlin: German solar power plants produced a world record 22 gigawatts of electricity per hour — equal to 20 nuclear power stations at full capacity, the head of a renewable energy think tank said.
The German government decided to abandon nuclear power after the Fukushima nuclear disaster last year, closing eight plants immediately and shutting down the remaining nine by 2022.
They will be replaced by renewable energy sources such as wind, solar and bio-mass.
Norbert Allnoch, director of the Institute of the Renewable Energy Industry (IWR) in Muenster, said the 22 gigawatts o f solar power per hour fed into the national grid on Saturday met nearly 50 percent of the nation's midday electricity needs.
"Never before anywhere has a country produced as much photovoltaic electricity," Allnoch said.
"Germany came close to the 20 gigawatt (GW) mark a few times in recent weeks. But this was the first time we made it over."
The record-breaking amount of solar power shows one of the world's leading industrial nations was able to meet a third of its electricity needs on a work day, Friday, and nearly half on Saturday when factories and offices were closed.
Government-mandated support for renewables has helped Germany became a world leader in renewable energy and the country gets about 20 percent of its overall annual electricity from those sources.
Germany has nearly as much installed solar power generation capacity as the rest of the world combined and gets about four percent of its overall annual electricity needs from the sun alone. It aims to cut its greenhouse gas emissions by 40 percent from 1990 levels by 2020.
Some critics say renewable energy is not reliable enough nor is there enough capacity to power major industrial nations. But Chancellor Angela Merkel has said Germany is eager to demonstrate that is indeed possible.
The jump above the 20 GW level was due to increased capacity this year and bright sunshine nationwide.
The 22 GW per hour figure is up from about 14 GW per hour a year ago. Germany added 7.5 GW of installed power generation capacity in 2012 and 1.8 GW more in the first quarter for a total of 26 GW capacity.
"This shows Germany is capable of meeting a large share of its electricity needs with solar power," Allnoch said. "It also shows Germany can do with fewer coal-burning power plants, gas-burning plants and nuclear plants."
Allnoch said the data is based on information from the European Energy Exchange (EEX), a bourse based in Leipzig.
The incentives through the state-mandated "feed-in-tariff" (FIT) are not without controversy, however. The FIT is the lifeblood for the industry until photovoltaic prices fall further to levels similar for conventional power production.
Utilities and consumer groups have complained the FIT for solar power adds about 2 cents per kilowatt/hour on top of electricity prices in Germany that are already among the highest in the world with consumers paying about 23 cents per kw/h.
German consumers pay about 4 billion euros ($5 billion) per year on top of their electricity bills for solar power, according to a 2012 report by the Environment Ministry.
Critics also complain growing levels of solar power make the national grid more less stable due to fluctuations in output.
Merkel's center-right government has tried to accelerate cuts in the FIT, which has fallen by between 15 and 30 percent per year, to nearly 40 percent this year to levels below 20 cents per kw/h. But the upper house of parliament, the Bundesrat, has blocked it.
FROM: REUTERS


Bank jobs go as HSBC and Emirates NBD reduce costs

Updated 15 November 2019

Bank jobs go as HSBC and Emirates NBD reduce costs

  • Others have also reduced headcount amid economic downturn and property market weakness

DUBAI: HSBC Holdings has laid off about 40 bankers in the UAE and Emirates NBD is cutting around 100 jobs, as banks in the Arab world’s second-biggest economy reduce costs.

The cuts come amid weak economic growth, especially in Dubai, which is suffering from a property downturn.

HSBC’s redundancies came after the London-based bank reported a sharp fall in earnings and warned of a costly restructuring, as interim CEO Noel Quinn seeks to tackle its problems head-on.

HSBC has about 3,000 staff in the UAE, part of a nearly 10,000-strong workforce in the Middle East, North Africa and Turkey.

The cuts at Dubai’s largest lender Emirates NBD came in consumer sales and liabilities, one source said, while a second played down the significance of the move.

HSBC and Emirates NBD declined to comment.

“The cuts are part of cost cutting and rationalizing to drive efficiencies in a challenging market,” the second source said.

Other banks have also reduced staff this year. UAE central bank data shows local banks laid off 446 people in the 12 months until the end of September. Foreign banks added staff in the same period.

Staff at local banks account for over 80 percent of the 35,518 banking employees in the country.

The merger between Abu Dhabi Commercial Bank, Union Commercial Bank and Al Hilal Bank saw hundreds of redundancies.

Commercial Bank International (CBI) said it would offer voluntary retirement to employees in September, which sources said saw over 100 departures. Standard Chartered, too, cut over 100 jobs in the UAE in September.

Rating agency Fitch warned in September a weakening property market would put more pressure on the UAE’s banking sector.