MY Reports Fourth Quarter and Full Year 2014 Unaudited Results

Market Watch

Industry Overview

According to the Global Wind Energy Council, 2014 recorded the highest increase in newly installed wind power capacity in a single year. Global wind power expanded by 16%, or 51GW, to a global total of 370GW.China saw the largest jump in new capacity, adding about 23GW in 2014 after expanding by 16GW in 2013, according to the same source. Despite the correction of oil prices throughout the year, there was no material negative impact on the wind energy industry given the low-cost, stable and reliable nature of wind energy, according to the Global Wind Energy Council.

The PRC government released a number of favorable policies to encourage renewable energy investments in 2015 in an effort to combat air pollution, which are expected to continue to boost the China's wind sector in 2015. For example, the wind resource-rich areas along the "New Silk Road" are set to enjoy substantial infrastructure financing supports, which will in turn drive wind farm construction in western China. Most recently, an official guideline on China's electricity system reform urged local grid companies to give priority to electricity from renewable sources in an effort to improve current curtailment rates.

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