Solarworld CEO criticises govt policy in price war with China - report

Jun 24, 2013 - Frank Asbeck, CEO of German solar company Solarworld AG (ETR:SWV), has sharply criticised the German government for its opposition against the imposition of punitive import duties on solar panels from China.

Speaking to daily Sueddeutsche Zeitung, Asbeck urged the German government to change its policy and oppose the monopolistic thrust of Beijing. Otherwise, the crisis in the solar sector will be followed by other industries including engineering, telecommunications and automotive sectors, Asbeck told the paper.

Asbeck warned of new company insolvencies in the solar sector if Europe does not introduce the punitive duties. Solarworld will also have to take more austerity measures, he said.

In the long term, electricity consumers will pay for cheap Chinese imports as prices of solar power will most likely grow, Asbeck was cited as saying.

Solarworld, which fell prey to cheap Chinese imports, was one of the companies to demand from the European Commission (EC) the introduction of punitive duties.

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