‘An immediate and dramatic business concern’: How COVID-19 is disrupting the energy sector

Read the full story at Utility Dive.

The economic repercussions of the COVID-19 pandemic could cause widespread disruptions in the energy sector, tightening demand, jeopardizing supply chains, diverting regulatory attention and negating previous growth forecasts for solar and storage deployment, according to financial analysts and industry experts.

The novel coronavirus outbreak will be a “significant global crisis, triggering an economic slowdown” — which will likely affect the broader clean energy transition, including renewables, energy storage, and electric vehicles, analysts at BloombergNEF said in a report published last week. The analysts are particularly concerned about demand —​ BNEF has reduced its 2020 global solar demand forecast from between 121 GW and 152 GW to a range of 108 GW to 143 GW, which could make this the first year that solar capacity additions have declined since the 1980s. 

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