Daily News Wrap-Up: Top Solar Inverter Suppliers in 1H 2023
Mines ministry to auction 20 critical mineral reserves within next two weeks
November 16, 2023
Sungrow Power Supply, Sineng Electric, Growatt New Energy, Ginlong (Solis) Technologies, and GoodWe emerged as the leading solar inverter suppliers in India in the first half (1H) of 2023, according to Mercom’s recently released India Solar Market Leaderboard 1H 2023. Sungrow was the top solar inverter supplier, accounting for 35% of the market share. It was followed by Sineng Electric and Growatt New Energy with 22% and 7%, respectively. Ginlog (Solis) Technologies and GoodWe rounded off the top five with 5% each. The top two inverter suppliers remain unchanged from 2022 to 2023 as the demand for their inverters in the Indian solar market continues to be strong.
The Ministry of Mines will auction 20 blocks of critical minerals, including lithium and graphite, within the next two weeks, Mines Secretary V K Kantha Rao said. The planned auction follows the amendment to the Mines and Minerals (Development and Regulation) Act, 1957, setting reduced royalty rates for three critical and strategic minerals – lithium, niobium, and rare earth elements – used in the energy transition technologies. The loyalty rates were reduced in October from a default rate of 12% of average selling (ASP) to 3% of the London Metal Exchange price for lithium, 3% of ASP for niobium, and 1% of ASP for rare earth oxide.
The Bureau of Energy Efficiency issued the draft Detailed Procedure for Compliance Mechanism under the Carbon Credit Trading Program. Under the new procedure, the Ministry of Environment, Forest and Climate Change will announce the greenhouse gas emission intensity targets for tons of carbon dioxide equivalent per unit of equivalent product for each defined trajectory cycle applicable to obligated entities. These obligated entities will be informed of an annual target for three years, and upon the conclusion of this period, the targets will undergo revision.
The Central Electricity Authority (CEA) has suggested measures to standardize and ensure the interoperability of batteries to facilitate the integration of electric vehicles (EVs) with the grid through reverse charging. The vehicle-to-grid (V2G) concept involves EVs supplying electricity back to the public power grid to meet energy demands. The CEA’s report on V2G reverse charging calls for the inclusion of provisions for reactive power compensation in the CEA’s Technical Standards for Connectivity to the Grid Regulations.
Spain-based wind turbine maker Siemens Gamesa’s net loss stood at €664 million (~$721 million) during the fourth quarter of the financial year 2023, a year-over-year (YoY) drop from a profit of €374 million (~$406 million). The loss was primarily attributed to decreased profits from backlog order executions. Quality issues in the onshore and service businesses from the previous quarter, heightened product costs, and ongoing challenges in ramping offshore activities also contributed to the loss. The company recorded a revenue of €2.59 billion (~$2.8 billion), a 23% YoY decrease from €3.37 billion (~$3.7 billion). The prior year’s quarter had benefited from the proceeds from selling the Southern Europe wind farm development portfolio.
The United States Federal Circuit overturned a Court of International Trade (CIT) decision to allow the White House to expand safeguard tariffs on solar equipment. The unanimous decision by a three-judge panel has directed the CIT to affirm the President’s authority under the Trade Act of 1974 to increase safeguard duties. The case hinged on the wording in Section 2254 of the Trade Act that says safeguard tariffs “may be reduced, modified, or terminated” by the President. The court acknowledged the executive’s authority to interpret statutes.
With an investment of $130 billion in the solar industry this year, China will hold more than 80% of the world’s polysilicon, wafer, cell, and module manufacturing capacity in the next three years. According to a recent report by Wood Mackenzie, with more than 1 TW of wafer, cell, and module capacity forecasted to come online by 2024, China’s increased capacity will meet global demand until 2032. China also has plans to build more than 1,000 GW of N-type solar cell capacity, which amounts to 17 times more capacity than the rest of the world, the report said.