China has raised its 2015 target for solar-electricity capacity, helping its solar panels companies, many of which are struggling due to industry overcapacity, falling prices, slow global demand and trade disputes with Europe and the United States.
China plans to add 10 gigawatts of solar power a year during the next three years. China’s State Council issued a note last week saying that installed capacity for solar electricity would grow by about 10 gigawatts a year to reach more than 35 gigawatts by 2015. The previous target for solar PV was 21 gigawatts. Installed capacity in 2013 may reach 17 gigawatts.
The plan would boost China’s solar capacity fivefold to more than 35 gigawatts installed by 2015. Added demand will help alleviate industry oversupply that contributed to a 20 percent plunge in the average price of solar panels last year, according to Bloomberg New Energy Finance.
Bloomberg New Energy Finance’s analyst Wang Xiaoting says the government plan to boost the domestic market would not be sufficient to eliminate oversupply, and panel prices should stay stable in 2013.
Tags: China, energy, photovoltaics, renewable energy, solar, solar energy, sustainability