Southern Co. to delay projects in latest warning of solar industry slowdown (NYSE:SO)
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The U.S. photo voltaic market is warning of a sharp slowdown in installations this year because of to international source chain disruptions and the potential for new tariffs on panel imports from Asia, Reuters stories.
Southern Co. (NYSE:SO) explained on Thursday that it would hold off approximately 1 GW of prepared solar electricity jobs by a 12 months to November 2024, the most current of several warnings from companies and business reps citing the two issues.
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Southern’s (SO) Georgia Electrical power utility gained regulatory acceptance very last 7 days to hold off 5 planned solar assignments to November 2024, CFO Daniel Tucker instructed today’s earnings conference contact the enterprise has 30-12 months contracts to buy electric power from the facilities.
NextEra Energy (NEE) previous week blamed the Commerce Department’s investigation into photo voltaic panel imports for its conclusion to delay as much as 2.8 GW of photo voltaic and electricity storage assignments right up until next calendar year.
The Solar Electrical power Industries Association stated this 7 days it was chopping its solar installation forecasts for 2022 and 2023 by 46% owing to the risk of new tariffs, and that 318 tasks have been canceled or delayed.
For U.S. solar builders, the tariff concerns come on major of surging costs for factors, labor and freight.
Before Thursday, Southern (SO) described superior than anticipated Q1 earnings and revenues.
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