Coronavirus company news summary – Energy to plunge by 6%: IEA – 140 LM Wind Power workers test positive for Covid-19

30 April 2020 (Last Updated April 30th, 2020 09:29)

30 April

The International Energy Agency (IEA) said that global energy demand is likely to plunge by 6% this year in the wake of the coronavirus pandemic. The dip in demand this year will be approximately seven times more than the plunge registered after the financial crisis in 2008.

The North Dakota Department of Health has confirmed that more than 140 associates of LM Wind Power in Grand Forks have tested positive for the coronavirus. The health department added that 26 positive cases of close contacts were also found. LM Wind Power employs nearly 900 people at the site.

The coronavirus pandemic is expected to widen Indian power distribution companies loss by RS200bn ($2.6bn) in the fiscal year 2021e, rating agency Moody’s unit ICRA said. The report added that lockdown is estimated to dent all India electricity demand by about 1%.

Spanish utility giant Iberdrola has said that it will stick to its previously announced plans to invest €10bn and hire 5,000 more people this year to negate the impact of Covid-19 on business. Out of the total planned investment, approximately 40% is earmarked for the renewables business.