Norwegian solar group Renewable Energy Corporation ASA (OSL: REC), or REC, expects a 30-40% supply increase in the solar market in 2011, CEO Ole Enger said on 12 Jan 11 during a presentation at an industry event.
The big question is, of course, if demand will mark a corresponding rise, Enger said at the Power and Renewable Energy Conference, arranged in Oslo by Pareto Securities. Enger is confident that demand will also grow, but he is not sure how much. Subsidies are being reduced and the cuts are taking place faster than we have expected, the CEO said, adding that the trend is likely to continue. However, he said that the cuts are positive since they could not have been sustainable over a long time. "I think that what authorities have done is very logical. For us it is very important to cut costs," he said.