Pressure on solar panel companies

Why are Chinese solar panel manufacturers seeking a government intervention?

REUTERS/Stringer/File Photo Purchase Licensing Rights SHANGHAI, June 12 (Reuters) - Chinese solar panel manufacturers said they are seeking immediate government intervention to curb investment and industry collaboration to arrest a plunge in prices of solar cells and modules, as the industry faces overcapacity.

Will China become the world's largest solar panel manufacturer?

Financial incentives and a government push have helped China become the solar panel factory of the world, accounting for about 80% of global module capacity. Analysts expect Chinese manufacturers to add up to 600 gigawatts (GW) this year, enough to meet global demand through 2032.

How many people work in solar energy?

The industry, which spans wafer, cell and panel manufacturers, as well as companies that install panels, employed more than 800,000 people in Europe at the end of last year, according to SolarPower Europe. In the US almost 265,000 work in the sector, figures from the Interstate Renewable Energy Council show.

Are cheap Chinese solar panels threatening Europe's solar industry?

Cheap Chinese solar panels are flooding the EU market and threatening the viability of homegrown companies. Europe's solar industry warns it faces an "existential threat" and that unless action is taken soon, it could collapse in a matter of months.

Should the European Commission stock up on solar panels?

An industry group is calling on the European Commission to introduce emergency measures, for example by stocking up on solar panels to ensure liquidity. They say the influx of China-made solar panels, whose price is artificially lowered through generous state aid, into the EU market is to blame for the critical situation.

Why are some solar companies moving to the United States?

Low prices have led companies such as Switzerland's Meyer Burger, formerly the largest solar manufacturer in Germany, to relocate to the United States and benefit from Joe Biden's Inflation Reduction Ac. Other firms, such as Solarwatt, have dismissed staff to cut down production costs.