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October 14, 2020

Coronavirus company news summary – IEA energy outlook predicts energy future – SSE plans to sell Yorkshire assets

By Matthew Farmer

14 October

The International Energy Agency (IEA) has released its World Energy Outlook 2020 report. The Agency forecasts a 5% fall in energy demand during 2020, as a result of Covid-19. This compares to a 12% increase predicted before the pandemic. The agency also said peak oil has yet to come, contradicting predictions by other analysts.

SSE plans to sell its 50% stake in energy projects in Yorkshire, UK, to an investment fund. The Scottish firm will receive $1288m (£995m) in cash in return for the stake sale. Proceeds from this sale will go towards low-carbon energy infrastructure investment before 2025, and cutting the company’s debts. Recently, SSE affirmed plans to make big payouts to investors despite the Covid-19 pandemic.

Engie and Mitsui sold a stake of 75% in their jointly owned Australian Renewable Energy Trust to Infrastructure Capital Group. Although terms of the deal have not been disclosed, Reuters valued the deal at $287m (A$400m), citing a person familiar with the deal.

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