Renewable electricity will be the only source resilient to the biggest global energy shock in 70 years triggered by the coronavirus pandemic, according to the world’s energy watchdog. The International Energy Agency said the outbreak of Covid-19 would wipe out demand for fossil fuels by prompting a collapse in energy demand seven times greater than the slump caused by the global financial crisis. In a report, the IEA said the most severe plunge in energy demand since the second world war would trigger multi-decade lows for the world’s consumption of oil, gas and coal while renewable energy continued to grow. The steady rise of renewable energy combined with the collapse in demand for fossil fuels means clean electricity will play its largest ever role in the global energy system this year, and help erase a decade’s growth of global carbon emissions.
Guardian 30th April 2020 read more »
Wind and solar will grow this year while coal, oil and gas suffer “staggering” reverses as demand plunges amid global coronavirus lockdowns, said the International Energy Agency (IEA). In what it described as the biggest shock to the global energy system since the second world war, the IEA predicted overall energy demand will fall by 6% this year and electricity by 5%. The “unprecedented” falls in energy consumption will also spur a record annual fall in carbon emissions of almost 8%, returning them to their lowest level since 2010. Renewables, especially wind and solar, are benefitting from their low fuel costs and priority grid access to increase their share across all markets, becoming the only energy source to grow this year as power systems abandon fossils first when demand falls.
Recharge 30th April 2020 read more »
Climate Home 30th April 2020 read more »
Business Green 30th April 2020 read more »
Herald 30th April 2020 read more »
Renewable energy developers and utilities are among the rare bright spots this earnings season, with profits holding up despite the coronavirus crisis. Orsted, the Danish wind developer, on Wednesday reported a 27 per cent rise in first-quarter profit and unchanged guidance for the year, at a time when many energy companies are in turmoil. “For now we have seen rather limited impact from the crisis,” chief executive Henrik Poulsen told the Financial Times. “We see no impact from Covid on our [electricity] production numbers.” Renewable producers are weathering the coronavirus crisis because in most electricity systems, grid operators are obliged to buy clean energy first.
FT 29th April 2020 read more »
The world’s CO2 emissions are expected to fall by 8% this year as the coronavirus pandemic shuts down much of the global economy, according to the International Energy Agency (IEA). Such a drop would be the largest ever recorded in terms of tonnes of CO2, some six times greater than the impact of the 2008 financial crisis. The agency’s new Global Energy Review is based on extensive data from the year so far and is intended to provide close to a real-time estimate of energy usage and emissions. Its projections for the whole of 2020 are based on a series of assumptions including that the lockdowns, curfews and closure of schools and businesses currently in place are gradually eased over the coming months.
Carbon Brief 30th April 2020 read more »
The coronavirus pandemic has seen entire countries locked down, with businesses, industry and travel all curtailed in an effort to limit the spread of Covid-19. My analysis for Carbon Brief shows that electricity demand in Europe has fallen by 14% as a result of the crisis, with most major economies imposing widespread restrictions. This has resulted in lower levels of coal and gas being burned to generate electricity, meaning CO2 emissions from the sector were 39% lower over the past 30 days than this time last year. Analysis of detailed electricity data for the 27 EU member states plus the UK, over the past 30 days, also shows that solar generation rose by 28% compared with the same period last year, due to new installations and a sunny April across Europe.
Carbon Brief 29th April 2020 read more »