End-of-year part in 2008
Release Date: 2008/01/29
With the Chinese New Year fast approaching, Gintech Energy Corporation held its end-of-year party yesterday (January 28) with 65 large round tables. Recently, the prospect that supply might be outpacing demand in the solar energy market has depressed the prices of solar energy stocks. However, Gintech Chairman C.T. Kuo believes that market supply is still failing to keep pace with demand; he dismissed the suggestions by some foreign institutional investors that the solar cell industry might be suffering from over-capacity.
C.T. Kuo pointed to the \"three twenties\" projects being implemented in the European Union. The EU intends to reduce carbon dioxide emissions by 20% between 2005 and 2020, and also aims to increase alternative energy sources\' share of total energy usage to 20%. Kuo anticipates that solar energy will account for 20% of this 20% share, which means that the EU nations alone will be installing around 240 GW of new solar cell capacity between now and 2020, equivalent to 20 GW of new capacity every year for the next 12 years.
Kuo strongly disagreed with suggestions by foreign institutional investors that supply exceeds demand in the solar cell industry. He notes that Gintech\'s order book is so full that the company needs to keep its production lines running 24 hours a day, and that Gintech employees have been helping to keep production at full capacity through their outstanding dedication and commitment.