(Bloomberg) – Chinese renewable energy companies are ready to benefit from the European Union’s plan to reduce its dependence on Russian energy.
Some Chinese, and therefore the world’s largest solar manufacturers, such as Longyi Green Energy Technology Co. and Ginko Solar Co., have been forced to move the panels away from the United States because shipments are stuck in a trade dispute with Washington. It left the EU, where there is no such barrier as the single largest market for Chinese companies, accounting for 46% of exports in 2021, according to Morgan Stanley.
This could follow the 210 billion-euro ($ 220 billion) plan announced by the EU on Wednesday, which focuses on cutting the red tape for wind and solar farms and paving the way for creating a 45% increased target for renewables. Block power demand by 2030.
Morgan Stanley sees long-term module makers among the main beneficiaries of the EU’s move, according to a bank note, and shares of the Chinese company rose on Thursday. The stock is also backed by Daewoo Capital Markets with Trina Solar Co., citing their high overseas sales ratio.
(Beijing all the time unless otherwise shown.)
Singapore International Iron Week, Day 3USDA Weekly Crop Export Sale, 08:30 EST
China is slowly easing the lockdown in Shanghai, but according to Ocean Network Express, it will not bring immediate relief to global supply-chain congestion. Shortages of rail, port and trucking workers in China and the United States still need to be addressed as they delay shipping to major world ports.
China’s covid caseload is declining, although the threat of a lockdown remains as major cities are infected and the country continues to have zero tolerance for any outbreaks. Chinese Premier Li Keqiang has called on local governments to “work decisively” to support growth next week in an effort to get the economy back on track as soon as possible.
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Friday, May 20th
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