Renewables Caught In Perfect Storm -- Europe's Experience -- Absolutely Nothing To Do With The Bakken

Link here.

REUTERS: Three of Europe's top renewable energy companies became the latest victims of a global collapse in prices, massive oversupply and governments slashing subsidies in light of growing debt piles, echoing recent comments from overseas peers. 

SolarWorld, Q-Cells and Nordex are among the latest renewable energy companies to be hit by a mix of high inventories, slower demand and banks tightening their purses regarding wind parks.

Solar companies in particular suffered as they ramped up production last year to meet a surge in demand from Germany and Italy where customers rushed to buy solar panels before governments cut vital subsidies.

Both economies are reducing so-called feed-in tariffs to make the solar sector more productive, and subsidies and prices have been falling at a faster rate than manufacturing costs, leading Germany's renewable elite to slash their 2011 outlooks.

Yup. 

"Elite" is exactly right.