Covid-19 briefing

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- ECONOMIC IMPACT -

Latest update: 17 February

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

Polls show that employment prospects have consistently improved since July.

4.8%

The Japanese economy expanded by 3% (YoY) in Q4 2020, however economic growth for the full year shrank by 4.8%.

4.4%

The Conference Board forecasts the economic growth rate of the US at 2% (annualised rate) in Q1 2021 and at 4.4% and 3.1% for 2021 and 2022.

Impact of Covid-19 on employment outlook

- SECTOR IMPACT: POWER -

Latest update: 3 February

a force for good

$1bn

The 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

Renewable energy capacity addition for full year 2020 is expected to be 4% higher than in 2019. Renewable power generation grew by around 7% and provided 28% of global electricity, up around two percentage points versus 2019.

Generation from wind and solar PV grew by more than 10% and 20% respectively, and contributed more than 9% of global electricity supply, up one percentage point from 2019.

Global coal power generation is expected to drop by over 5% in 2020, the largest decrease ever. The strongest impacts were felt in the EU, with a decline of over 20%, and in the US with a 19% decline.

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 wind energy market in the US is expected to lose approximately 35,000 jobs and $35bn in investments in 2020 due to Covid-19.

03/09/2021 09:25:49