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Coronavirus company news summary – JSW Energy achieves $53m profits in Q3 – Wind and solar costs decline by 10%

04 Nov 2020 (Last Updated November 4th, 2020 09:48)

4 November

Indian power major JSW Energy reported a profit of ₹352 crore ($53m) for the September quarter. The company registered a flat net profit during the third quarter due to reduced power demand caused by the Covid-19 induced lockdown. The short term sales during the period reached 110 million units, compared with 759 million units sales in 2019.

The costs of wind and solar energy registered a drop of more than 10% in 2019, according to Capgemini’s World Energy Markets Observatory (WEMO) report. The report also noted that power consumption across Europe declined due to Covid-19 related lockdown restrictions, while renewables accounted for higher share of electricity transmitted to the grid.

The coronavirus pandemic has led to an increase in the share of renewable energy in Germany’s total energy consumption by 2% to 16.8% between January and September. Coal-fired production also declined significantly, even as higher production was achieved from wind and solar energy sources