European Union and China end their largest trade row over Solar Panel

The European Union has approved a plan that will improve the position of European solar panel producers and simultaneously leave Chinese manufactures spared sky-high duties after about two years of price disputes.

The agreement signed by the European Commission (EC), the European Union’s (EU) executive arm in Brussels, sets a minimum price for the panels, as well as the volume limit on EU imports until the end of 2015.

Under the agreement, a minimum price would stand at 56 euro cents a watt for annual imports from China up to as much as 7 gigawatts, according to a European trade official speaking last weekend, when the commission announced that a deal had been reached. And the provisional levies would range between 37.3 percent to 67.9 percent, depending on the company.

The agreement’s main target is to limit competition with European solar – panels producers, who’ve been complaining the Chinese sold at below – cost price, a practice known as dumping.

The agreement will be officially published on Saturday and takes effect on August 6. Those Chinese manufactures who agree to the terms will avoid duties the 28-nation EU had planned to impose.

Karel De Gucht, EU Trade Commissioner announced the settlement with China on July 27 after weeks of what he called “intensive” talks.

Earlier in  June, the EC decided to apply a 11.8 percent levy on Chinese  solar panels for two months before rising the charge to 67.9 percent.

RT

Search for an Alternative to Fossil Fuel: The Rising Power of Solar Energy

Royal Dutch Company prognosticates that world demand for oil will reach its peak between 2035-2040, after which solar power or gas will take the lead according to a study.

After research into global energy prospects, Shell came up with two possible scenarios called ‘Mountains’ and ‘Oceans’.

The first one predicts slow international economic development and the markets largely controlled governments that will stimulate nuclear energy exploitation.

It also suggests that ecology-friendly natural gas will become the backbone of the world’s energy system substituting coal as the main fuel in electricity generation. In this case, there will be some changes in transportation, with trucks and cars largely powered by electricity and hydrogen, and CO2 emissions will be reduced.

‘Oceans', which is the second forecast considers a more dynamic and ‘fluid’ global economy where reforms trigger a productivity growth and whose development will be determined largely by market forces and civil society, with a smaller role of government.

This scenario focuses on solar power that can become the dominant energy source outsmarting the traditionally known ones in 2060s-2070s as high energy prices unlock more expensive resources and technologies based on the in-depth analysis .

Nuclear energy development will be restrained by the popular concern while coal will continue to be widely used in electricity generation, Shell experts predict.

The demand for oil has been declining every month and at the end of the year will have decreased by 2.08% which is 18.56 million barrels per day according to global oil report.