The Power Sector During Coronavirus
The spread of the coronavirus has impacted several industries. The energy industry is one such, and the power sector has seen the impact of this epidemic. Electricity demand has taken new shapes in the affected regions. In Europe, countries like Italy, Spain, France, Germany, and Belgium are ordering lockdowns and strict measures.
According to GlobalData, the global thermal power prices shall fall in 2020. Gas generators are expected to be worst-hit, especially the rental power companies and merchant power plants, who will experience severe blow until June 2020. With the severity of Covid-19’s spread in Europe, seagoing LNG vessels are now observing protocols to reduce risk of further virus spread.
More than 80% of the annual solar market demand is met by Chinese manufacturers. The coronavirus has already impacted supply chain, and has affected the projects in some nations. In addition to capacity slippage to 2021, the solar PV module prices shall increase by 10%-20%.
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