Coronavirus company news summary – IEA says coal demand has peaked, oil peak in 2030 – Vietnamese wind farm applies for 1GW extension

13 October 2020 (Last Updated October 13th, 2020 09:54)

13 October

The International Energy Agency (IEA) has said the ongoing Covid-19 pandemic will accelerate the world’s transition to cleaner sources of energy. The agency stated that coal demand is unlikely to return to pre-Covid-19 levels, and would account for less than 20% of energy consumption by 2040. Oil would remain “vulnerable to the major economic uncertainties resulting from the pandemic,” with demand starting to fall after 2030, the agency said.

Mainstream Renewable Power, in a joint venture with Phu Cuong Group, has applied to increase the size of the Phu Cuoong Soc Trang wind farm in Vietnam to 1.4GW. The wind farm was initially planned to have 400MW capacity. Construction will begin on the first 200MW of Phase 1 in the third quarter of next year.

India’s financial capital Mumbai and neighboring areas have experienced widespread power cuts attributed to grid failure. The outages disrupted essential services, including hospitals treating critically Covid-19 patients. The power supply was restored after 15 hours, at around 2am on Tuesday. Power consumption in India registered a 4.6% year-on-year growth in September, increasing to 112.4TWh. In the first half of the year, power consumption in the country declined by 8.5% year-on-year, only reaching 625.6TWh due to Covid-19 lockdowns.