Despite full-capacity utilization and increased shipments of polysilicon and wafers, Daqo New Energy suffered falling revenue and continued losses in the first quarter of 2012. Based-on previously guided poly production cost reduction timelines and current spot market pricing - Daqo is fighting a loosing battle to sell polysilicon above cost levels through 2012 and 2013.
Earlier this month, Chinese vice premier Wang Qishan and state councillor Dai Bingguo met with US secretary of state Hillary Clinton and treasury secretary Timothy Geithner, in Beijing to discuss Sino-American strategic and economic relations. On May 17, the US Department of Commerce announced in a preliminary hearing that China had been exporting to the US at less than fair value.
Amid rumours that MEMC Electronic Materials’ chief executive officer, Ahmad Chatila, was to leave the company, MEMC has announced the appointment of Brian Wuebbels as its new CFO. He succeeds Mark Murphy, who resigned, effective May 16, 2012, in order to take up the role as president at Praxair Surface Technologies. Murphy will continue a temporary consulting role with MEMC to aid the transition process.
Former EDS chief global sales officer, Bobby Grisham, has been selected as the newest member of Premier Holding’s board of directors. He will be working, along with fellow members, executive management and subsidiary Wepower, to meet the company’s strategic global initiatives. Grisham also formerly served as the president of the EDS’ US southwest operations solutions, was president of the large financial institutions strategic business unit and managed all IT operations for six General Motors Electrical Component divisions.
Following Saudi Arabia’s revelation of a US$109 billion plan to create a solar industry in the country that will produce a third of its electricity within the next twenty years, Five Star Equities has released reports on the potential outlook for companies in the solar industry, including First Solar and SunPower.
A report published by Reuters has advised that the Constitutional Court has endorsed a Czech tax on solar power producers as part of the government’s push to cut budget deficits and subdue the solar boom in the country. The ruling means that solar plants which came online in 2009 and 2010 are affected.
Following his defeat to be premier of North Rhine-Westphalia on Sunday by the Social Democrats (SPD), Norbert Roettgen, once seen as a potential successor to Chancellor Angela Merkel, was fired by Merkel today from his position as her environment minister. Reuters reported that Merkel has nominated Peter Altmaier, parliamentary whip for her conservative party, to replace Roettgen.
The UK Solar Trade Association (STA) has called for a delay to planned feed-in tariff cuts in a bid to boost installed capacity figures. In a letter to the Department of Energy and Climate Change (DECC) the association asks for the proposed July cuts to be held off until figures pick up.
According to a report released by Bloomberg New Energy Finance, the price of polysilicon continued its downward march, dropping by 2.6% last week. The material’s average spot prices were US$23.17/kg last week, compared to US$23.78 the week before. The report further advised that the price is down around 15% this year.
In February, EuPD Research awarded Germany-based Sovello the TOP BRAND PV seal; this week, the module manufacturer announced it has filed for insolvency in self-administration at the district court in Dessau. This very same court handled proceedings for Q-Cells last month and CIGS thin-film firm Odersun. The dramatic reduction in government subsidies and competition from Chinese manufacturers are being blamed for the moves by German companies that are unable to pay their mounting debts.
