The writer is an FT contributing editor and writes the Chartbook newsletter
The closure of the Strait of Hormuz has roiled energy markets. Consumers are calling out for alternatives to unreliable fossil fuels. And yet we are in a world of surplus solar panels. Let that sink in.
After a huge surge in investment since 2020, Chinese companies have the capacity to produce a vast 1,000 gigawatts of panels per annum. The world cannot absorb the supply. More than 40 Chinese solar manufacturers have gone bust, been bought out or delisted. A third of the workforce at the top five survivors has been made redundant.
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