Literature Review Women on boards and in TMTS and firm performance 93 The second amendment of the Renewable Ener gies Act was adopted in June 2008 and became effective in January 2009 While the promotion of renewable energies was continued in principal a multitude of specifications and rules was added Heat generation in addition to power generation was also incorporated into the law The return on investment for a newly installed PV system was unalterably guaranteed for a period of 20 years Hence investing in a PV system was comparably attractive as investing in federal bonds The gover nment had created the basis for although artifici However effective 2009 the regulatory frame work for photovoltaics was supplemented by the option of adjusting the following year s degres sion rate according to the actual number of new installations in the current year The reasons for this regulation of market size lie in the growing criticism of PV subsidies in Germany13 as well as significant decreases in PV system prizes due to dropped production costs while the number of in stallations grew considerably burdening all Ger al steady demand for power from solar insulation and other renewable energy sources It can be sta ted that the Renewable Energies Act has decisi vely supported and fostered the power generation through renewable energies in Germany Jacobs son Lauber 2006 Peters Schmidt Wiederkehr Schneider 2011 With respect to photovoltaics the act even triggered an unprecedented boom during the years 2004 to 201112 due to highly fa vorable subsidies The following figure 4 1 shows the development of photovoltaics installations in Germany over sixteen years Source Federal Solar Industry Association Bundesverband Solarwirtschaft BSW 2016 Figure 4 1 Market data photovoltaics in Germany 2015 8000 7000 6000 5000 4000 3000 2000 1000 2000 45 2008 1 940 2004 660 2012 7 600 2001 115 2009 3 800 2005 930 2013 3 300 2002 113 2010 7 400 2006 850 2014 1 900 2003 147 2011 7 500 2007 1 270 2015 1 460 0 man end customers via their electricity bill 2009 was the year of first drastic changes to the incenti ve program It marked the beginning of the indus try s downturn The photovoltaics boom ended in 2010 2011 Competition had become fierce after Asian main ly Chinese producers had entered international markets with aggressive pricing Prices for solar modules and primary products were significantly below those of German as well as other Europe 13 JFor a critical perspective see Frondel Ritter Schmidt 2008 12 Jacobsson Lauber 2006 explore the German diffusion of renewable energy technolo gy and in particular the reasons for the rapid spread of solar cell technology until 2004 CEO optimism and overconfidence Installed PV capacity in MWp

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