Italy’s GSE updates PV installation figures

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Although analysis is still ongoing, the Italian energy office responsible for handling PV installation applications, GSE, has provided an update to installation figures for 2010. The total number of submissions that were received on time reached 54,106, providing a total power figure of 3,771MW. Previously, GSE had said that received applications equated to 4,000MW. The total number of applications that were actually connected to the grid reached 144,800, with a total capacity of 2,903MW.

The GSE also reiterated that it had yet to complete counting of all application documents as these were sent via email, web and by mail.

In a note to investors, Barclays Capital financial analyst Vishal Shah – after discussing figures with GSE representatives – said that the reduction in application figures of approximately 300MW was due either to double-counting or to these plants having been already connected.

Shah also noted that the physical plant inspection process, which GSE instigated after the high number of applications, is still ongoing. However, preliminary findings indicate that approximately 15% of the applications received could be classed as ‘improper.’

The Barclays Capital analyst also noted that recent checks in Italy indicated that politicians in the lower house remained supportive of solar installations. This could lead to the removal of the 1MW cap for installations on farming, and it is expected that it will be proposed that only land that is currently being used for farming should be excluded from installing solar.

Update

In a note to investors, Jesse Pichel, Managing Director, CleanTech Equity Research at Jeffries Group indicated that a large number of declarations spread across the country and that with many proposed projects in the 200kW-1MW range a decent amount could ‘sneak in’ to the 2010 tariff rate. 

The financial analyst suggested that;
 
'1-1.5GW of the 3.77GW of declarations was shipped in 2010, bringing 2010 shipments to ~2.5-3.5GW. We suspect another 1GW may be installed prior to any audit through 1H. As such we believe 2011 is at a 4GW run rate.'
 

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