A poll conducted by Verdict to assess the impact of COVID-19 on various sources of power generation revealed that coal-based power generation will see the biggest impact, followed by gas and nuclear.
A higher impact on non-renewable sources is foreseen than non-renewable, according to the poll.
Among non-renewable, a higher impact is expected on biopower, followed by solar, compared to wind, and hydropower, which is expected to feel the lowest impact.
Since non-renewable sources harness fuels that don’t involve human intervention to extract, such as solar and wind, the impact could be negligible unlike coal, which involves mining operations to extract.
Another reason for fossil fuels topping the list could be that majority of the global power supplies are met through coal, oil and gas, and temporary shutdowns of industrial consumers due to the coronavirus outbreak means a higher impact on them.
From the poll results, it’s interesting to note that the impact on renewable energy sources is in the order of their current global usage for power generation.
The analysis is based on 363 responses received from 26 March to 08 April.
What GlobalData forecasts about the power sector in lock-down countries
GlobalData has forecasted four Q1 and Q2 trends in coal, gas, solar, and wind in countries that are locked-down due to COVID-19. Thermal power prices are expected to come down, while gas-fired power generators, especially rental and merchant power companies, will be the most affected, according to the forecast.
Further, solar will witness a capacity slippage to 2021 and photovoltaic (PV) module prices will see up to 20% rise. Wind sector will see a delay in projects scheduled for commissioning, adds GlobalData.