Energy Sector Forecast After Coronavirus
Amid the epidemic, electricity is essential for households, business and most importantly, hospitals and related facilities. In most economies that have taken confinement measures in response to the coronavirus, electricity demand has declined by around 15%.
Some of these economies, such as Spain and California, are among those with the highest shares of wind and solar electricity generation in the world. If electricity demand falls quickly while weather conditions remain the same, the share of renewables can become higher than normal.
Electricity networks are the backbone of today’s power systems and they become even more important in clean energy transitions. Most wind and solar farms, and all flexible power plants, are connected to the main power grid. In both Europe and North America, these grids rely on aging transmission lines to get the electricity to different regions. Significant investments in these networks will be essential in the coming years.
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