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China’s solar-panel supply glut has destroyed pricing power for North American manufacturers, with Bloomberg data suggesting the spot price for photovoltaic panels has plunged about 40 percent this year.
Gordon Brinser, President & CEO of SolarWorld AG, tells BNN the Chinese government heavily subsidizes its domestic solar panel makers – who are now dumping cheap supply on the global market.
“We’ve seen severe harm from the illegally dumped and subsidized product coming out of China,” Brinser says noting SolarWorld has laid off hundreds of employees.