Coronavirus company news summary – Australia among top three renewables investment destinations

25 November 2020 (Last Updated November 25th, 2020 09:16)

25 November

The 635MW power plant located in Rensselaer in New York State is bearing the brunt of ongoing pandemic and the state’s carbon-emission and renewable energy policies. The gas-fired power plant lacks financial feasibility, as its owner Empire Generating, which underwent restructuring last year, reported a fall in revenues owing to a host of factors.

Australia has now landed a place in the elite group of the top three most valued nations in the world for investment into renewable energy, thanks to the rapid increase in solar PV installations during the pandemic. Australia moved to third from the fourth place in May, according to EY’s bi-annual index. While the US retained the top spot, India jumped three places from seventh to fourth, thanks to lower tariff bids and a revised target for renewables generation.

The power sector in India is bearing the brunt of Covid-19 pandemic, which triggered a slump in prices and reduced demand across the country. The prospects for the electricity industry remain gloomy, predominantly due to uncertainty regarding power demand and lack of clarity on the future of renewable power projects, which were suspended due to the ongoing pandemic.