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(Bloomberg) — China saw a significant slowdown in solar and wind installations in June after new rules came into effect that threaten the profitability of renewable power projects.
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The country added 14 gigawatts of solar last month, down 85% from a record 93 gigawatts in May, according to data released on Wednesday by the National Energy Administration. It comes after a rush earlier this year ahead of the policy deadline drove China to install more solar capacity in a single month than any other country did in all of 2024, according to BloombergNEF data.
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Installations in China typically surge in December, but the peak activity period was brought forward this year by a pair of new policies. One rule change that went into effect May 1 made it more difficult to connect rooftop panels to the grid, while another that started June 1 removed pricing protections that had all but guaranteed profit for wind and solar projects.
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The sharp drop, which was widely expected by the market, also heralds a tougher second half for Chinese solar manufacturers, as demand has been front-loaded. Leading companies including LONGi Green Energy Technology Co. and Tongwei Co. have also warned of more net losses in the first half because the rushed additions did not result in an increase in revenue, as selling prices remained below costs.
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Wind installations also dropped to 5 gigawatts in June, from 26 gigawatts a month ago. Thermal power installation rose slightly to 8 gigawatts.
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