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April 23, 2020

COVID-19 impact on power project delays to be high: Poll

The COVID-19 pandemic has impacted power projects by causing delays in project development.

The COVID-19 pandemic has impacted power projects by causing delays in project development. Verdict has conducted a poll to assess the pandemic’s impact on the development of power projects.

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Analysis of the results shows that the outbreak has a high impact on project delays in the power sector.

A majority of 42% the respondents opined that the impact is high, while 35% believed the impact is moderate, followed by 16% who believed that the impact is low. A minority 7% voted that it will have no impact at all.

The analysis is based on 391 responses received between 26 March and 21 April.

COVID-19 impact on power sector projects-poll

Power projects face delays due to COVID-19

Projects being developed in the power sector have faced delays due to the lockdown and movement restrictions imposed to control the spread of COVID-19 disease. In Australia, for example, financial closure of up to 3GW of renewable energy projects have been either cancelled or postponed.

India may also face similar delays with 21% or 3GW of wind and solar projects being delayed due to postponement of construction and supply and labour disruptions. Further, out of the 62GW of coal-fired projects under development, 30% are expected to be delayed as they were based on Chinese power generation equipment.

Indonesia is another country facing delays in the development of hydropower projects due to the coronavirus outbreak. Planning and development of hydropower dam projects in Mekong River and the Luang Prabang dam have been postponed. Myanmar is also facing delays in the development of hydropower projects.

Wind projects in the US are expected to face delays due to lockdowns and supply chain disruptions.  The tax subsidies provided to these projects is expected to be endangered due to the delays.

Spain, Hawaii, and the UK are some of the other countries where renewable energy projects are expected to face delays due to COVID-19.

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Free Whitepaper
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Mining Mega Trends and Their Impact to your Organisation's Resilience

Numerous mega trends are impacting the mining industry, making an effective resilience program more important than ever to ensure that operations continue as intended. From ESG considerations, through to the use of advanced technologies such as Internet of Things devices, AI, and digital twins, as well as workplace safety, volatility in commodity markets, and the spectre of Covid-19 still looming. Each mega trend has a different impact that needs managing correctly, with a one-size-fits-all approach insufficient. This white paper identifies the mega trends affecting mining businesses, while exploring the opportunities, risks, and implications for operational resilience, with expert insight from Dynamiq on the best practices and approaches to improve business outcomes. Download this document to learn more.  
by Dynamiq
Enter your details here to receive your free Whitepaper.

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