Korean Solar Companies Crisis
Author: Source: Datetime: 2018-12-01 08:47:24
According to reports, the low-cost production line of Hyundai Heavy Industries Green Energy, the third largest solar energy producer in South Korea, has recently stopped working, marking that Hyundai Heavy Industries Green Energy has officially abandoned medium and low-priced projects, and will focus on high-performance panels and solar cell projects in the future.
Hyundai Heavy Industries Green Energy has been exporting inefficient solar cells to major emerging markets in recent years, but the unit price is generally 10-20% higher than that of Chinese products, which ultimately led to a deficit of 22.8 billion won in sales profits last year.
Due to the decrease in production, Dayou SE, a cooperative company that maintains a long-term supply relationship with Hyundai Heavy Industries Green Energy, went bankrupt in March this year. Dayou SE's sales in 2013 reached 50 billion won, but it lost its rivals against Chinese companies. Since 2014, it has been running deficits for years and finally filed for bankruptcy.
According to data released by the Ministry of Industry, Trade and Industry, the proportion of domestically produced solar panels in Korea has dropped from 82.9% in 2014 to 66.6% in September this year. In the same period, the proportion of solar power generator solar panels produced in China increased from 17.1% to 33.4%. In order to ensure orders and reduce costs, solar energy manufacturers use cheaper Chinese products, resulting in more and more Chinese products flowing into the Korean market.
A small and medium-sized solar panel manufacturer sold panels at a unit price of 800 won/1W in 2013, and the current price has shrunk by half. The person in charge of the company said: "Because the price competitiveness is not good for Chinese companies, nearly 10 Korean solar panel companies have closed down last year. This year's situation is not optimistic."
According to data released by market research firm PV Insight, the average global solar panel price has fallen from US$0.7/1W in 2013 to US$0.22/1W in October this year. Under the low price of Chinese companies, prices are expected to continue to fall.
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