Authorities in Zhejiang Province have announced changes in the electricity tariffs for industrial customers. The new tariffs result in approximately 15 percent higher reference prices for Advanced Soltech Sweden AB (Advanced Soltech or the Company) in Zhejiang Province, where 106 of our 192.5 MW are installed. The new prices will take effect from October 15th . Our assessment is that this will lead to increased revenues for Advanced Soltech by approximately SEK 6 million on an annual basis with current installed capacity.
Max Metelius, CEO of Advanced Soltech comments
– The price increases for electricity are an expected and logical consequence of the electricity shortages that we have seen in China recently. This is a positive development for the continued expansion of distributed solar energy in China.