In July Rystad Energy reported that it believed Europe’s solar module stockpile had reached 40 GW and that this would rise to 100 GW by the end of 2023. Over the next several months Rystad made varied but fundamentally similar statements all pointing to a gigantic and growing stockpile worth tens of billions of dollars, imported from China. Now several industry voices are putting out a very different view of the situation. The most important point against Rystad’s analysis is the possibility raised by some voices in the Chinese industry media and elsewhere, which assert that real solar installations are in fact running at levels commensurate with import figures, which is to say fully 50% higher than official data indicates,…