Coronavirus company news summary – Brazil offers $2bn aid package to energy sector – EDF’s revenues fall by 1%

15 May 2020 (Last Updated May 15th, 2020 09:15)

Work has recommenced on the 950MW Moray East offshore wind farm after the Scottish Government eased Covid-19 related guidance. The Moray offshore windfarm (East) said that it had asked its principal contractor Siemens to conduct a thorough assessment of activities and work will be carried where the guidance can be followed.

The Government of Brazil is reportedly mulling to offer aid package of BRL12bn ($2.06bn) to power companies grappling with challenges posed by a sudden dip in electricity demand due to the coronavirus pandemic. According to Reuters, the government is holding negotiations with state banks BNDES, Banco do Brasil SA and Caixa Economica Federal as well as private banks Itau Unibanco and Banco Bradesco SA.

French state-controlled utility EDF’s first-quarter revenue fell by 1% to €20.7bn ($22.4bn) as the company had to slash electricity generation due to the impact of the coronavirus outbreak. The company said that the ongoing health crisis has both curbed demand and disrupted maintenance works at its reactors.

The US Energy Information Administration (EIA) has said that consumption of electricity will plummet by 4.6% this year as the Covid-19 pandemic has severely disrupted business operations in the country. In its short-term outlook, the agency said that power demand will dip to 3,716 billion kilowatt-hours (kWh) in 2020 from 3,896 billion kWh in 2019. It will rise to 3,753 billion kWh in 2021.