Many companies are operating at full capacity. On August 30th, the National Development and Reform Commission issued two key notices: "Notice on Exploiting Price Leverage to Promote the Healthy Development of the Photovoltaic Industry" and "Notice on Relevant Matters Concerning the Adjustment of Renewable Energy Price Additional Standards and Environmental Protection Electricity Prices." These policies introduced benchmark on-grid tariffs for photovoltaic power plants in three regions—0.9 yuan/kWh, 0.95 yuan/kWh, and 1 yuan/kWh—along with a distributed PV subsidy of 0.42 yuan/kWh. The policy applies to projects filed or approved after September 1st but operational from January 1, 2014, and the tariff subsidies are expected to last up to 20 years. As a result, several domestic listed solar companies have reported full-load production.
Xu Xiaojun from Oriental Risheng Securities mentioned that the company, as one of the few PV firms in Ningbo, has benefited from the development of the Ningbo Distributed PV Demonstration Zone and the implementation of the FIT subsidy policy. The company is now operating at full capacity, with continuous 24-hour operations and no plans to reduce output until the end of the year.
Hong Qijun, CEO of Hanwha Solar Energy, also stated that the company is running at full capacity, predicting gradual improvement in the industry through 2013, 2014, and even better results in 2015. Artes Solar, another domestic player, projected a return to profitability based on its 2Q13 financial report. Meanwhile, Jinko Solar reported a gross profit margin of 17.7% in Q2 2013—a significant increase from previous quarters—and became one of the first Chinese solar companies to turn a profit in this cycle.
With the domestic electricity price subsidy policy in place, the PV market has entered a rush-installation phase. According to Century New Energy Network, procurement capacity for power station projects in August 2013 exceeded 2GW, and large orders over 10MW are becoming more common. Due to tight project timelines, component prices and payment terms are expected to improve further in October and November, with some sales managers predicting continued price increases.
From an international perspective, the domestic market remains the most promising for Chinese PV companies. Large-scale projects are currently more attractive than distributed systems, suggesting a long-term growth period for the domestic power plant sector. With successful policy implementations in 2014, the market is expected to experience rapid expansion.
The National Development and Reform Commission’s recent circulars clearly set out the FIT-based subsidy system, which is seen as a turning point for the industry. The current investment returns under this policy are reasonable, even favorable. The 0.42 yuan/kWh subsidy avoids the issues seen in earlier policies like the "Golden Sun" initiative, while also providing a clear path for renewable energy funding.
For distributed PV systems, the income structure includes the local benchmark price plus the 0.42 yuan/kWh subsidy, making it more profitable when self-consumption is high. This encourages large consumers to collaborate with EPC providers. Additionally, no additional fees or charges apply to distributed systems, meaning all generated power directly contributes to revenue. Grid connection costs are also reduced, further boosting the appeal of PV installations.
With the pricing framework largely settled, previously delayed projects are now being launched rapidly. This period is considered the best time for PV product sales and power station construction. However, after a period of fast growth, on-grid tariffs and subsidies may face adjustments, potentially leading to a slowdown in the near future.
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