Weekly Solar Industry Insights: September 30th - October 6th, 2024
U.S. Energy Storage Installations Surge in Q2 2024
The U.S. saw a remarkable increase in energy storage installations in Q2 2024, with developers commissioning 3,011 MW and 10,492 MWh. California, Arizona, and Texas markets accounted for 85% of installations. The American Clean Power Association emphasized the need for additional storage capacity to meet rising energy demands and extreme weather events. While grid-scale storage surged, residential installations grew modestly due to stalled activity in certain regions. Wood Mackenzie forecasts a 42% year-over-year increase in total storage installations for 2024.
Future Fund Oman Invests $156 Million in Polysilicon Factory
Future Fund Oman (FFO), linked to Oman's sovereign wealth fund, has invested OMR 60 million ($156 million) in a $1.35 billion polysilicon manufacturing facility being built by United Solar Polysilicon at Sohar Port and Freezone, near Muscat. This plant, set to start operations next year, will produce 100,000 MT of high-quality metallurgical silicon annually. Spanning 160,000 square meters, the facility aims to enhance Oman's position in the renewable energy market, attract foreign investment, and expand solar manufacturing capabilities in the region.
EC Approves €1.2 Billion Aid for Energy Storage in Poland
The European Commission has authorized a €1.2 billion state aid scheme to support the development of at least 5.4 GWh of new electricity storage facilities in Poland. This initiative aims to decrease reliance on fossil fuels and better integrate renewable energy into the grid. Eligible projects, with a minimum capacity of 4 MWh, can receive direct grants and loans covering up to 45% of investment costs, with additional support for small and medium-sized enterprises. The projects must be completed by December 31, 2025, under the EU’s Temporary Crisis and Transition Framework, supporting the REPowerEU and Green Deal goals.
Solar Wafer Market Update: Steady Prices Amid Supply-Demand Adjustments
Solar wafer prices have remained stable, with Mono PERC M10 and n-type M10 wafers priced at $0.145/pc and $0.143/pc, respectively. Mono PERC G12 and n-type G12 hold at $0.211/pc and $0.200/pc. Wafer production in China decreased by 15.76% in September, leading to an improved supply-demand balance, although challenges remain due to excess capacity and weak demand. A hurricane in North Carolina may disrupt high-purity quartz supply, further influencing wafer costs and quality.
Breakthrough in Perovskite Solar Module Efficiency
An international research team led by the Gwangju Institute of Science and Technology has developed a new passivation process for formamidinium lead iodide (FAPbI3) perovskite films, achieving solar cells with a power conversion efficiency of 23.69% and modules at 21.44%. This innovative technique improves structural integrity and reduces defects without external reagents. Devices using this method retained 92% efficiency after 1,000 hours, demonstrating advancements in solar technology for enhanced performance and stability.
Preliminary Decision on U.S. Solar Cell Imports
The U.S. Commerce Department announced preliminary countervailing duties on solar cells imported from Vietnam, Cambodia, Malaysia, and Thailand, with rates set at 2.85%, 8.25%, 9.13%, and 23.06%, respectively. These tariffs address concerns about unfair trade practices and aim to bolster domestic solar manufacturing. However, critics warn that such tariffs may significantly raise solar panel prices in the U.S., potentially hindering the country's solar industry leadership.
Turkey Exempts Four Manufacturers from Anti-Dumping Duties
Turkey's Directorate General of Imports has concluded an anti-dumping investigation, imposing a $25/m² tariff on solar modules imported from several countries. However, four manufacturers—Jinkosolar, JA Solar, Vina Solar, and Trina Solar—have been exempted from this tariff. The move reflects Turkey's ongoing efforts to regulate imports while supporting its solar module industry.
Silver Price Surge Driven by Industrial Demand
Silver prices have surged over 30% in 2024, now exceeding $31 per ounce, largely due to strong industrial demand for clean energy and electronics. Analysts predict that by 2050, the solar sector could require 332 million ounces of silver, raising concerns about future supply.
Current State of the PV Module Supply Chain
In 2024, the PV module supply chain faces challenges such as oversupply, low prices, and policy uncertainty affecting manufacturing expansion. China's solar manufacturing capacity decline has led to reduced production rates, while Southeast Asian manufacturers face risks from potential U.S. tariffs. Despite anticipated growth in India and the U.S., the industry is expected to navigate these challenges until a balanced supply-demand cycle emerges post-2025.
Information Source: PV Magazine
