Photovoltaic enterprise capital chain is facing the crisis subsidy is not in place and the triangle debt is the main cause of the industry dilemma

Recently, the Notice of the National Development and Reform Commission on Improving the Electricity Price Policy for Onshore Wind Power and Photovoltaic Power Generation (Discussion Draft) (hereinafter referred to as the “Discussion Draft”) proposed the implementation of on-grid tariffs for onshore wind power and photovoltaic power generation. A new policy with a gradual decline in scale.

According to the "Discussion Draft", starting from 2016, the national PV power plant benchmarking price, the project in the I resource area is planned to be reduced from the current 0.9 yuan / kWh to 0.85 yuan / kWh, the reduction rate is 5.6%; The district is planned to be reduced from the current 0.95 yuan / kWh to 0.92 yuan / kWh, the reduction is 3%. Since then, from 2017 to 2020, the annual decline is 0.03 yuan / kWh. The wind power class I resource area is planned to be reduced from 0.49 yuan/kWh in 2015 to 0.38 yuan/kWh in 2020, with a cumulative decrease of 22.4%; the class IV wind resource area is planned to be reduced from 0.61 yuan/kWh in 2015 to 2020. The decrease of 0.52 yuan / kWh, the cumulative decline of 14.8%.

The industry generally accepts the downward adjustment of the electricity price on the Internet. Dr. Yang Liyou, general manager of Jinneng Technology, said in an interview with the "Securities Daily" reporter that "With the development of the photovoltaic industry, technological advancement, and increased installed capacity, the cost of photovoltaic power generation will inevitably decline. The downward adjustment of subsidies is in line with the law of market development. Power generation will also achieve the same price level as the traditional power generation mode, realizing a real parity online."

However, with the release of the new policy of the National Development and Reform Commission “to reduce the price of wind power and photovoltaic power grids”, another topic – “can timely release of wind power and photovoltaic subsidies” has also been heatedly debated by the industry.

The industry is more concerned about whether subsidies are timely
Qian Jing, vice president of Jingke Energy, who was interviewed by Securities Daily, admitted to the reporter that "it is not a good news for the proposed downward adjustment, but we feel that the most critical issue at present is whether subsidies can be issued in a timely manner. The problem of arrears, otherwise whether the subsidy is high or low, the power generation companies can not get subsidies, it is meaningless."

According to data circulating between the villages, up to now, the state has distributed a total of five subsidies for renewable energy, the last batch was issued in August 2014, and the subsidized projects are projects that were connected to the grid before the end of August 2013. Some business people said, "It is normal for subsidies to be issued after two years. The longest period is three years in arrears. In the first half of this year, only PV subsidies have been owed 20 billion yuan."

In fact, the competent authorities are also concerned about this series of issues.

Not long ago, Director Dong Xiufen of the New Energy Department of the National Energy Administration summarized the challenges faced by photovoltaics during the 13th Five-Year Plan: "Abandoning electricity, subsidies, taxes, etc. in the rapid growth of photovoltaic installations. The bureau is also coordinating relevant departments to communicate with the sources of taxation and subsidy funds, propose countermeasures in a targeted manner, and gradually improve the policy in the future. In the future, it will implement high-scale photovoltaic applications in key economic zones and key ecological protection zones, and comprehensive photovoltaic power generation. Utilizing bases, large-scale photovoltaic power generation bases, moderately increasing the scale of external-type photovoltaic power generation construction, photovoltaic power generation comprehensive management and 'leaders plan' demonstration projects, high-ratio renewable energy demonstration zone projects, photovoltaic poverty alleviation projects and other six key projects to promote photovoltaic application".

Whether the subsidy is timely or not has a huge impact
Related reports have quoted the person in charge of a photovoltaic power generation company in Ningxia as saying, "We have a monthly subsidy of more than 2 million yuan. In the past two years, we have to pay nearly 50 million yuan. Our capital chain has to be broken."

“Every company is facing the financial pressure caused by the inability to timely subsidize. It is only the different business structures and scales that make them have different pressure-resistance capabilities. In the short-term, performance is too dependent on power generation revenue, and is affected. It must be even bigger. Those companies that have balanced upstream and downstream development or have more financing channels are much better.” A company person who did not want to be named told the Securities Daily reporter, “If you continue to do this, you will not rule out some resistance. Companies with weak pressures will be difficult to sustain."

At a deeper level, the timely delivery of subsidies is related to the development and innovation of photovoltaic financing.

“The photovoltaic power generation industry is a capital-intensive industry, and the risk management of the industry. The confidence of banks and financial institutions in the industry will largely affect the development of China's PV market. Currently, the entire industry is limited except for financing channels and tools. The problem of triangular debt caused by subsidy arrears has become more and more serious, which has also affected the confidence of many power station investors.” In Yang Liyou’s view, “the issue of subsidies and the triangular debt problem have not been solved for a long time, and multiple risks have caused the investment income of power stations to be unguaranteed. Tightening power station financing, the seemingly hot domestic PV power plant market may have a cliff-like decline."

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