The distributed renewable energy sector registered a 17% growth in FY2020, compared with the last year, as 62% of the businesses reported an increase in revenue. Despite the impact of the coronavirus pandemic, 86% of firms in the sector met their revenue estimate.
Norwich Public Utilities reported that its revenues in 2020 rose, despite being lower than the budget estimates prepared before Covid-19 pandemic outbreak in March. The projected revenue of $26.9m for the December 1 to January 31 period is expected to fall short by $1.19m, registering a 4.4% decline. The revenues from residential complexes increased during the pandemic, while those from businesses and commercial establishments declined.
Spanish oil and gas firm Repsol is planning to spend $6.55bn on low-carbon electricity generation during the next five years, predominantly to increase renewable energy capacity. The company is targeting to reach 5.2GW of renewables in 2025 and 12.7GW by the end of the decade. Repsol is expecting to recover from the damage caused by Covid-19 pandemic from 2022.
Power utility SSE and oil major Equinor signed an agreement to spend $8.02bn on the construction of the first two phases of Dogger Bank offshore wind farm, the world’s biggest wind project. The first phase is expected to be commissioned in 2023, while the next phase will commence operations a year later. The investment and construction on the project will create employment and help the local economy recover from the Covid-19 pandemic induced slump.