Welcome back to another busy week! This time, we are covering what would happen to the energy sector in Asia-Pacific, if COVID-19 crisis is extended beyond 2020, how India has missed its new PV installation target in 2020 and Tesla’s earnings report on April 29, and many more!
Your Monday Briefings is now divided into 2 sections:
- The 1st section has all the solar news related to COVID-19
- The 2nd section has the solar news which has little to do with the pandemic.
SECTION 1-1: COVID-19 WATCH
COVID-19 has impacted every corner of the world. And nearly every aspect of people’s lives and economic activities is affected, which includes the energy sector.
The coronavirus crisis has triggered another oil crisis, which sent the oil prices free falling, even the production has been reduced. The Russia-OPEC price war does not help the matter. The IEA Oil Market Report expects to see the oil demand to hit a new low in April 2020: a YoY drop of 9.3 mb/d.
The electricity prices in Europe follows a similar trajectory as the international oil prices. The electricity prices turned negative in some European countries.
Source: pv magazine
Numerous PV and wind projects in the Asia-Pacific Region will be delayed or even terminated by 2024, should the coronavirus pandemic persists after 2020.
75% of the renewables demand growth is concentrated in Asia-Pacific, which has long been the growth engine of new solar and wind power capacity installations.
However, the new PV and wind projects in the pipeline are very likely to be delayed by 2 years due to economic problems triggered by the pandemic.
Source: pv magazine
Enie.nl, a PV developer and leasing company from the Netherlands, is buying back rooftop PV systems from the homeowners. In exchange, the homeowners will pay a monthly fee to the company.
However, there is a catch. Enie will not accept rooftop PV systems with technical defects or in poor conditions.
Source: pv magazine
SECTION 2-1: NON-COVID-19 Regional Market News
And for those of you who are sick of COVID-19 news, here are the news that are not (entirely) related to COVID-19.
1. Inner Mongolia Autonomous Region
Inner Mongolia Electric Power (Group) has recently released an announcement regarding the company’s Phase 1 Subsidy List for Renewable Energy Power Generation Projects in its Operating Area.
The announcement has indicated that 20 PV projects were included in the first batch of subsidy lists, with a total of 484.39MW.
2. Hubei Province
LONGi Lerri won the bid for the photovoltaic module purchase of the Huaneng Power’s Ground-Mounted PV Power Station Project in Zaoyang New City.
The successful bid price was US$45.3 million (RMB 320.8 million).
The construction site of this project is located in Zaoyang City, Hubei Province,
The construction scale is expected to be 200MWp.
It is planned to be operational and start the power generation in December 2020.
Egypt’s New and Renewable Energy Authority (NREA) is evaluating a proposal from the private sector, which involves a 6.3 GW pv-wind hybrid project.
The part to be built by the public sector:
- 170 MW PV power plants
- 250 MW wind farms
The part to be built by the private sector:
- 800 MW PV power plants
- 1,950MW wind farms
Source: Daily News Egypt
India Missed the Target of Newly Installed PV Capacity
According to India’s JMK Research and Analytics, India has missed its target set for the newly installed PV capacity for the financial year 2019-2020, which was 5.7 GW. The target was 7.5 GW.
Source: Solar Quarter
SECTION 2-1: NON-COVID-19 Company News
Tongwei Solar has released its 2020 non-public offering on April 20.
According to the announcement, Tongwei Co., Ltd. intends to raise no more than $847.2 million (RMB 6 billion).
The funding is planned to be invested in the following projects
- smart factory project for high-efficiency PV cells (Meishan Phase II) with annual production of 7.5 GW
- smart interconnected factory project for high-efficiency PV cells (Jintang Phase I) with annual production of 7.5 GW
The 210 mm large-size PERC cell technology will be adopted in both projects.
Xinjiang Zhongpin Energy Power Generation
The Agricultural Development Service Center of the 134th Group of the 8th Division and Xinjiang Zhongpin Energy Power Generation Co., Ltd signed a contract for the 1000 MW PV grid parity project. The construction scale of the project is 1000MW and it will be implemented in two phases.
China Power Investment Power Engineering
CPI Power Engineering signed a cooperation agreement with the County Government and the Economic and Technological Development Zone in Yushe County. The agreement involves a wind-solar-battery hybrid project.
The planned installed capacity of the project is roughly 1,000 MW of photovoltaic power, roughly 300 MW of wind power and roughly 100 MW of energy storage, with a total investment of US$1.03 billion (RMB 7.3 billion).
Tesla will report its earnings after the market closes on Wednesday, April 29.
Wall Street predicts that Telsa will post a loss of 18 cents per share, while its revenue will be around US$5.85 billion. This is a huge improvement, compared with the performance in the previous year, where the loss per share was US$2.90 and the revenue was US$4.54 billion.
It is noteworthy that Tesla’s shares have been on a rapid rise since late March. Both the coronavirus crisis and its competitors’ financial turmoil are fueling investors’ confidence in them.