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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hanwha Q CELLS conducts voluntary retirement for production workers.
According to the industry on the 22nd, Hanwha Q CELLS will receive voluntary retirement for production workers who have worked for more than a year at Jincheon and Eumseong workplaces in Chungbuk from this day to the 3rd of next month. The size of retirement has not been determined.
This is the first time Hanwha Q CELLS has implemented voluntary retirement. Hanwha Q CELLS is said to have decided to retire as module sales declined due to the slump in the domestic solar energy market.
According to Hanwha Q CELLS' third quarter report, Hanwha Q CELLS' average utilization rate at its domestic plant fell from 88% in the first half to 82% in the third quarter.
China's oversupply of solar energy and the government's related budget seem to have affected the market downturn. According to the 2024 budget submitted by the Ministry of Strategy and Finance to the National Assembly, the budget for the "renewable energy support" item of the power industry-based fund was 605.4 billion won, down 42.3% from this year's 1.49 trillion won. It decreased by 52.2% compared to the 2022 budget (1.2657 trillion won).
The Export-Import Bank of Korea predicted that the size of new solar power facilities in Korea will fall about 17% year-on-year to 2.5GW this year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
