China’s Policy Shift: Impact on PV Pricing and Demand

by Rishab Shrestha, Tom Heggarty, Benjamin Attia

At the start of June 2018, China’s National Energy Administration, National Development and Reform Commission and Ministry of Finance released new guidance that terminates any approvals for new subsidized utility-scale PV power stations in 2018, among other changes.

A policy shift like this in China causing a severe change in 2018 demand has always been in the realm of possibility. GTM Research has explained this possibility in previous analyses, which outlined a similar scenario in demand due to mounting curtailment and subsidy deficits as well as rising trade protectionism cases against Chinese manufacturers globally.

This brief details the predicted impact this new policy shift will have on PV market trends and forecasts.

The brief is available to subscribers of our Global Downstream Solar Service. To learn more, please contact


Rishab Shrestha Analyst, Solar

Rishab Shrestha is an Analyst for GTM Research primarily covering global downstream PV markets. Prior to joining GTM in 2018, he worked for MAKE Consulting researching on key global solar markets and solar supply chain.  He has experience working in clean tech start-ups and did his masters in Sustainable Energy Future from Imperial College, London.

Tom Heggarty Senior Analyst, Solar

Tom is a Senior Analyst for GTM Research covering global downstream PV markets. Prior to joining GTM in 2017, he worked for Wood Mackenzie for over 5 years; initially as an analyst producing research on electricity markets in Europe, the Middle East and Africa; and later as a Research Manager for Wood Mackenzie’s Energy Markets research product. In 2011, Tom graduated from the University of Edinburgh with a Master’s degree in Mathematics. He also spent a year studying at the Humboldt University in Berlin.

Benjamin Attia Analyst, Solar

Benjamin Attia is an Analyst with GTM Research’s Global Demand team, providing data analysis and forecasts, market research, and bespoke strategy consulting and advisory to key stakeholders in on-grid and off-grid solar markets in emerging economies in Southeast Asia, India, and Sub-Saharan Africa. He holds a Master of Energy & Environmental Policy and a B.S. in Economics and Energy & Environmental Policy from the University of Delaware.

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