Coronavirus company news summary – Equinor forecast 15% fall in global energy demand – Tennessee Valley authority registers 151TWh sales

18 November 2020 (Last Updated November 18th, 2020 10:02)

18 November

Norwegian energy giant Equinor said that worldwide energy demand fell by 15% in 2020 compared with last year. It also predicts that carbon emissions related to global energy will never return to pre-pandemic levels. According to the company’s ‘Energy Perspectives’ report, wind energy would need to expand by nine times to meet its clean electricity demand and global environmental and sustainability goals set for 2050.

The Tennessee Valley Authority’s operating revenue has reached $10.2bn on the back of electricity sales of 151TWh. Sales registered a marginal drop of 5% compared with 2019, owing to the ongoing pandemic causing a demand slump. Operating revenue declined by 9% from 2019, predominantly due to decreased effective base rates and diminished revenue from fuel cost recovery.

GP Joule reported that construction on the 25.4MW Innisfail solar project in Alberta has finished on time, despite extensive precautions taken during installation to prevent the spread of Covid-19. The company collaborated with Elemental Energy, a renewable energy developer, and other stakeholders to work on the merchant solar farm. The project generated more than 100 local construction jobs.