WEEKLY GLOBAL SOLAR MARKET UPDATES
Singapore can meet 2 GW solar capacity target earlier than 2028; Netherlands set to abolish net metering scheme from 2027; Electricity pricing review in Australia. All these and more in our Weekly Global Solar Market Updates newsletter.
This newsletter provides a comprehensive overview of the latest developments in the solar industry across Asia, Europe, and Australia over the past week, highlighting key initiatives and the performance of leading companies. Subscribe to our weekly updates for the top stories from TaiyangNews. Visit https://taiyangnews.info/ for all the news on solar.
Also, just #1Day left for the TaiyangNews #VirtualConference on Inverters & Battery Storage: Technology & Application Trends for the Brain & Mitochondria of Latest Solar Power Systems. The Conference will take place on November 19, 2024. Register Now. More details in this newsletter.
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GLOBAL
Global solar PV installations achieve 2 TW milestone: Having taken 68 years to reach the 1 TW milestone from 1954 to 2022, the global solar PV market took only 2 years (2022-2024) to achieve the next TW scale to achieve the 2 TW milestone, just days ahead of the 29th Conference of the Parties (COP29), according to the Global Solar Council (GSC) and SolarPower Europe (SPE).?The 2 TW milestone was achieved in recent weeks, according to their estimates, ‘against the backdrop of a Donald Trump presidency in the US’ (see Fate Of US Solar PV Industry Under Donald Trump 2.0). The solar PV technology has thus proven its mettle.?For the complete story, click here.
ASIA
India’s cumulative solar PV capacity exceeds 92 GW: The cumulative installed renewable energy capacity of India reached 203.18 GW growing by 24.2 GW or 15% within a year, with solar PV driving the volumes with 92.12 GW as of October 2024-end, according to the country’s Central Electricity Authority (CEA).?Renewable energy now accounts for over 46.3% of the country’s total electricity generation capacity, which stood at 452.69 GW as of October 2024, says the Ministry of New and Renewable Energy (MNRE). Adding 8.18 GW of nuclear energy to this number further increases the country’s non-fossil fuel capacity from 186.46 GW in 2023 to 211.36 GW in 2024. For the complete story, click here.
Singapore can meet 2 GW solar capacity target earlier than 2028: Singapore aims to achieve the 2 GW solar capacity target by 2030, but according to the National University of Singapore (NUS), it may well reach the target even earlier than 2028. This is the conclusion of an NUS study based on systems thinking and system dynamics (ST&SD) methodology to evaluate the country’s solar energy capacity targets, carbon emission savings, and the overall energy mix.?This methodology is designed to understand the holistic behavior of complex systems over time, according to the study.?For the complete story, click here. ??
China’s 1st energy law to be enacted in 2025: China’s 14th National People's Congress Standing Committee has passed the country’s first-ever Energy Law, which is set to take effect on January 1, 2025. This law establishes definitions for energy, guiding principles, and responsibilities of regulatory bodies. It also specifies the entities responsible for various energy planning levels and sets requirements for drafting these plans. The law aims to improve systems for energy development and utilization, enhance the energy market, and strengthen the energy reserve and emergency systems. China intends to prioritize renewable energy development, clean and efficient fossil energy use, and increase the share of non-fossil energy in consumption. The law supports the development of wind and solar energy, promoting both centralized and distributed installations, and encourages the construction of wind and solar power bases, distributed projects, offshore wind power, and solar thermal power.
India contemplating anti-dumping duty on solar glass from China & Vietnam: The Directorate General of Trade Remedies (DGTR) has recommended the Indian government to impose an anti-dumping duty (ADD) on textured tempered glass or solar glass imported into the country from China and Vietnam. This investigation was initiated by the DGTR in February 2024 at the request of Indian solar glass producer Borosil Renewables Limited, which claims to account for almost 72% of the total production of such glass in India during the period of the investigation (POI).?For the complete story, click here.
EUROPE
Netherlands set to abolish net metering scheme from 2027: The Netherlands’ House of Representatives Tweede Kamer has finally agreed to abolish the net metering scheme for small-scale users of solar panels in the country from 2027, thus providing much-needed clarity to the solar energy sector, according to a relieved trade body Holland Solar. Notably, the Energy Ministry had recommended that the government to phase out the net metering scheme in the wake of module price decline as it stressed that the net metering was over-subsidizing solar installations. It was rejected by the Dutch Senate in March 2024. However, in May 2024, the coalition government agreed to accept the recommendation but wanted it to be phased out instead of being abolished in one go (see Netherlands Does Flip Flop On Solar Net Metering).?For the complete story, click here.
Ireland far from achieving 2030 wind & solar targets, says SEAI: Ireland is likely to miss its 2030 target for renewable energy share under the Renewable Energy Directive (RED) in all scenarios as projected by the Sustainable Energy Authority of Ireland (SEAI) in its latest National Energy Projections Report 2024.?This includes missing its 8 GW solar PV capacity target for 2030 under the 2024 Climate Action Plan (CAP24) by a maximum of up to 2.9 GW. Under the With Existing Measures (WEM) scenario, it is likely to reach around 2.2 GW by 2025, and 5.7 GW by 2030.?For the complete story, click here.
AUSTRALIA
Electricity pricing review in Australia: The Australian Energy Market Commission (AEMC) is reviewing electricity pricing in the country with a view to design a pricing framework for energy consumers. This is necessary as more and more Aussies opt for solar panels, batteries, electric vehicles (EV), and neighborhood batteries, broadly known as consumer energy resources. AEMC Chair Anna Collyer explained, “With one in four Australian homes now having solar panels, and predictions of one in two by 2040, we need to ensure our pricing frameworks keep pace with how consumers want to use and interact with the energy system.” The AEMC has developed the final Terms of Reference and a consultation paper regarding this. The latter covers market arrangements, the role of distribution networks, and the role of retailers and energy service providers. It has now invited submissions to the Consultation Paper that are due by December 12, 2024. It will help publish a Directions Paper in April next year, to be followed by a Draft Report in the following September, and a Final Report in March 2026.??
TAIYANGNEWS VIRTUAL CONFERENCE
#1DayLeft for TaiyangNews Inverters & Battery Storage Virtual Conference
TaiyangNews' first conference on Inverters & Batteries will delve into parts of today’s solar power systems that are actually much more – the brains and mitochondria of PV installations – and essential in enabling renewables to become the fundament of the new energy order. Future renewables-based power systems will rely on batteries to a large extent, while inverters will help with grid services to provide stability, reliability and flexibility. The growth potential is huge.
According to the International Energy Agency (IEA), global energy storage capacity (the bulk will be batteries) must increase sixfold to 1.5 TW by 2030 to facilitate solar PV and wind meeting its COP28 agreed target to triple its capacities by the same time.
Our 1-day online event will bring together leading manufacturers, analysts, and innovators to discuss the latest advancements in inverter and battery storage technology and applications.
Key topics to be covered include:
#FreeRegistration on this link: https://us06web.zoom.us/webinar/register/WN_6iOYM8qNRQmb12IPXfwh-Q#/
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