The impact of the coronavirus outbreak, re-named COVID-19 is now having more far reaching consequences for the European energy sector. As we approach the end of the second month of the outbreak, factory shutdowns and production disruptions in China are having widespread impact on Europe’s solar panel stocks in particular, which are now significantly diminished.
Many manufacturing sites in China shut down after the extended Lunar New Year holiday, ceasing production of solar panels and other components in an attempt to control the spread of the virus. With no immenent plans to return to production, at least until March, the global impact on the solar supply chain is significant and widespread.
China is the largest producer of solar panels and components, responsible for 95% of the world’s supply, with the remaining 5% manufactured in the United States. This single country dependence on China renders the solar industry particularly vulnerable as the virus currently shows no sign a definite end.
Follow us on social media:
LinkedIn: – https://www.linkedin.com/company/united-gas-and-power/
Facebook: – https://www.facebook.com/UnitedGasPower
Twitter: – https://twitter.com/UnitedGasPower