Suntech withdraws from EU price undertaking

first_imgSuntech withdraws from EU price undertakingManufacturer of solar modules becomes latest Chinese firm to voluntarily walk away from the EU’s minimum import price undertaking as average selling prices continue to fall globally. October 17, 2016 Ian Clover Installations Legal Markets Markets & Policy Share Wuxi Suntech Power, a subsidiary of Chinese diversified solar energy company Shunfeng International Clean Energy (SFCE), has become the latest large Chinese player to withdraw from the European Union’s (EU) Minimum Import Price (MIP) undertaking. Having given notice of its intention to voluntarily walk away from the MIP agreement in August, the EU on October 11 formally accepted Suntech’s decision, duly informing the China Chamber of Commerce for Import & Export (CCCME) that import tariffs will now be re-applied for Suntech solar components reaching the EU. For Suntech, however, the decision is seen as a financially sound move. Average selling prices (ASPs) for solar modules have fallen to such an extent that the MIP is no longer fit for purpose, the company said, particularly given that there has been no adjustment – or indication of a willingness to adjust – in the MIP level. “We have always complied with the EU’s MIP agreement and were hoping that this duty would expire after December 2015, but this did not happen,” said Suntech executive president He Shuangquan. “So we decided to withdraw from EU’s undertaking since it is not consistent with our company’s business strategy.” Shuangquan added that being out of the MIP undertaking gives Suntech more flexibility to serve its EU customers and expand its business. Suntech was previously slapped with tariffs of 48.6% on its modules. Last week, the European Commission (EC) disclosed that it proposed to remove Suntech from the MIP for alleged violations of the MIP. Thus, it appears that the Chinese firm has beaten the EC to the punch. 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Week In Review 7/22-7/26

first_imgThursday 7/25House Passes New Budget Bill, With Plans To Tackle PFD Next, Significant Rain Falls On Swan Lake Fire Tuesday 7/23Tuesday Update: Swan Lake Crews Slowly Demobilizing, UPDATED: KPD Investigating Homicide Off California Avenue That Left Two Dead FacebookTwitterEmailPrintFriendly分享The KSRM News Department compiled some of the top stories from this past week. Wednesday 7/24Work On The Swan Lake Fire Is Far From Over, Kenai Medicenter Searched In Medicaid Fraud Investigation, Suspect Arrested In Kenai Double Homicidecenter_img Monday 7/22Monday Update: Crews Gain Ground On Swan Lake Fire, The Latest: Capital budget falters again in Alaska House Friday 7/26KPD, Nikiski Dive Team Locate Handgun In Kenai River, Swan Lake Fire Crews Work Hard To Repair Established Fire Control Lines.last_img read more