Coronavirus company news summary – EDF to require capital injection – SGRE to withdraw financial guidance for FY 2020 – Indian nuclear plants continue to work despite rising cases of Covid-19

23 April 2020 (Last Updated April 23rd, 2020 09:48)

23 April

Siemens Gamesa Renewable Energy has withdrawn its financial guidance for the financial year 2020 given the uncertainty in the environment amid the coronavirus outbreak. The wind turbine maker said that the global pandemic further aggravated the challenges it was already facing in India and Northern Europe, with its onshore business likely be the most affected.

All 22 nuclear power plants across India are running normally in spite of the rising number of positive Covid-19 cases. The Dhruva research reactor at Bhabha Atomic Research Centre (BARC) in Trombay is also functioning smoothly. A Department of Atomic Energy official told the Times of India: “The engineers and scientists were working in shifts and social distancing norms are being followed.”

French energy giant EDF may require massive capital injection by the end of this year to ward off the escalating debt crisis as electricity demand continues to plummet following the Covid-19 coronavirus outbreak. Reuters quoted an undisclosed source close to the company as saying: “The current crisis has plunged EDF into financial difficulties due to the fall in production and power prices in wholesale markets. This will strongly penalise the company by 2021.”

Perusahaan Listrik Negara (PLN) has slashed its revenue target for 2020 by approximately 15% due to uncertainty caused by the coronavirus outbreak. The Indonesian state electricity company expects its revenue to plummet to IDR257 trillion ($64.6m), down 14.6% from its initial expectation of IDR301 trillion.