NextEra Warns of Widespread Project Delays Due to Investigation

by Christian Roselund

The largest U.S. solar and wind developer has warned that between 2.1 and 2.8 gigawatts of its solar and storage projects planned for 2022 could be pushed out to 2023. On his company’s quarterly results call, NextEra Energy CEO John Ketchum cited a shortage of modules driven the anti-circumvention investigation against solar products from four Southeast Asian nations.

Ketchum noted that U.S. solar module assemblers are largely sold out through 2024, and that these only have the capacity to serve 10%-20% of the available market. Regardless, he says that NextEra is “as well positioned as any company in the industry” to navigate these issues, and still expects his company to build 23 to 30 gigawatts of solar, wind, and energy storage from 2021 through the end of 2024.

NextEra’s statements are broadly in line with the statements made by Solar Energy Industries Association (SEIA) about the effects of the investigation. The United States sourced 85% of its PV modules from the four named countries in 2021, and SEIA reports that a survey of its member companies found that three-quarters had PV module deliveries delayed or cancelled. The organization further reports that more than 90% said that the investigation was having a severe or devastating impact on their bottom line.

SEIA expects that the anti-circumvention investigation will reduce the amount of solar installed in 2022 and 2023 by 46%, as installers scramble to find alternatives.

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Source: Q1 2022 Remarks (NextEra Energy)

News coverage: NextEra warns of ‘outrageous’ downside of Biden solar probe (E&E News)