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US trade body recommendation may impact India’s solar power sector

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Indian solar power tariffs’ sharp decline will get arrested in the short term with Chinese solar module prices set to increase post the US International Trade Commission’ (USITC) recommendation.

With the USITC in an unanimous vote concluding that cheap imports are hurting US manufacturers, US developers will ramp up their pace of placing advance orders to shore up cell and module supplies. This stockpiling to meet next year’s demand will lead to a price increase of Chinese modules and their limited availability for Indian developers, thereby also putting at risk projects that won licences betting on a continued decline in module prices.

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To be sure, once the commission submit its report to the US President Donald Trump by 13 November post a 3 October public hearing, the final decision will be taken by Trump himself, whose presidential campaign and term has been built around growing American manufacturing.

According to media reports if the US President does decide to impose protectionist measures in the backdrop of US’s withdrawal from the Paris climate agreement, then the solar equipment prices will fall. This will help India’s plan to add 100 gigawatt (GW) of solar power capacity by 2022.

Modules account for nearly 60 percent of a solar power project’s total cost. Of China’s solar module manufacturing capacity, estimated to be around 70GW per year, the major markets are the US, India and China itself.

Interestingly, India is also conducting an anti-dumping investigation on solar equipment from China, Taiwan and Malaysia.

Any price fluctuation in Chinese equipment cost has a significant impact on the Indian clean energy space given that most developers here have been sourcing modules from countries such as China, where they are cheaper. According to consulting firm Bridge to India, the Indian solar module market is dominated by Trina Solar (25.7 percent market share), Hanwha (10.5 percent) and Risen (7.6 percent), with domestic manufacturers’ accounting for only 10.6 percent market share.

Experts say the US agency’s recommendations have been on expected lines.

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