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July 8, 2020updated 22 May 2021 8:06am

Solar expected to witness the fastest recovery post COVID-19: Poll

The power sector suffered a 2.5% contraction in demand during the first quarter of 2020 due to the lockdowns implemented worldwide to limit the COVID-19 spread.

The power sector suffered a 2.5% contraction in demand during the first quarter of 2020 due to the lockdowns implemented worldwide to limit the COVID-19 spread. The demand is expected to contract by 5% by the end of 2020, according to the International Energy Agency (IEA).

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Verdict has conducted a poll to assess which sub-sectors in the power industry among solar, wind, nuclear, hydro, and thermal will witness the fastest recovery after the COVID-19 pandemic.

Analysis of the results shows that the solar subsector is expected to recover faster than the other sectors, as opined by a majority 40% of the respondents.

A lesser 17% of the respondents felt that wind will recover quicker, while 16% felt that the nuclear subsector will recover faster than other subsectors.

Whereas 15% of the respondents felt that the hydroelectric will be the fastest to recover and 12% voted that thermal will recover faster than others.

Quickest power subsector to recover

The analysis is based on 384 responses received between 18 June and 07 July from the readers of Verdict’s Power Technology site.

COVID-19 to impact renewable capacity additions

The COVID-19 pandemic has significantly impacted the power mix as increased residential demand due to lockdown measures couldn’t completely offset the drop in commercial and industrial electricity demand.

The output from thermal sources declined, whereas that from renewable sources is unaffected due to the demand fluctuations.

Renewable capacity addition is, however, expected to be impacted due to supply chain disruptions, construction delays, and financing issues. Further, falling fossil fuel prices make thermal resources attractive making the future development of renewable energy resources dependent on climate change policies adopted by governments.

Solar photovoltaic (PV) additions are expected to decline by 17% in 2020, while wind additions are projected to contract by 12% although utility-scale PV and wind are expected to recover, according to the IEA. Capacity addition in sectors such as hydropower, offshore wind, and concentrated solar power plants is expected to be limited due to the long lead times.

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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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