- ECONOMIC IMPACT -

Latest update: 20 January 

After weeks of gradual decline, GDP estimates for many countries have levelled off.

Polls show that employment prospects have consistently improved since July.

6.5%

The Chinese economy expanded by 6.5% YoY in Q4 2020, taking the full year growth to 2.3%, the slowest rate in more than four decades.

2.9%

Rating Agency S&P forecasts the economic growth rate of Russia at 2.9% in 2021, following an estimated contraction of 3.5% in 2020.

Impact of Covid-19 on employment outlook

- SECTOR IMPACT: POWER -

Latest update: 8 January 

a force for good

$1bn

Rockfeller Foundation, a philanthropic organisation, has launched a $1bn Covid-19 recovery fund aimed at increasing investments in gridscale renewables.

$13m

DTE Energy has pledged $13m to support customers struggling during the Covid-19 pandemic.

Revenue predictions

From January-September 2020, generation in Europe was 5.4% lower than the same period in 2019. Renewable generation bucked the trend by growing 9.8%.


Between January–July 2020, US generation was 3.2% lower than the same period in 2019. Renewable and gas both grew in this period.


Electricity generated from renewables made up more than half of Germany’s power mix in 2020.

key power market developments

Plans for the world’s largest floating wind project off the coast of Aberdeenshire have been delayed for more than six months due to the impact of lockdowns.


Global energy company Shell is reportedly planning to move its focus towards renewable energy and power markets by cutting 40% of its oil and gas costs.


India’s imports of thermal coal fell by 41.5% to 32.9 million tonnes during April-June quarter while imports of coking coal fell by 28.6% to 9.71 million tonnes as coronavirus lockdowns battered demand.


China produced 59GW worth of solar panels in the first half of 2020, up 15.7% from a year ago.


The IEA forecasts a 5% reduction in total power demand in 2020.


The African Development Bank has approved $27.4m in grants to boost the African Union’s efforts to curb the Covid-19 pandemic.

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