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October 19, 2020

Coronavirus company news summary – Scatec Solar registers quarterly loss – Solar power set to “dominate” the energy market

By Jessica Paige

19 October

Power consumption in India increased by 11.45% in the first two weeks of October compared to the same period in 2019, due to the reopening of industrial and commercial establishments after Covid-19 restrictions were lifted. The first half of October registered power consumption of 55.37 billion units (BU), while overall electricity utilised in October 2019 was 97.84BU.

Norwegian solar power company Scatec Solar reported losses in Q3 despite increase in revenues from power production and EBITDA amid the Covid-19 restrictions. The company’s EBITDA jumped to $40.5m from $31m but could not counterbalance the EBITDA losses from the development and construction division which slumped to $2.9m.

A new report from the International Energy Agency’s (IEA) has noted that solar energy is poised to meet one-third of the world’s electricity demand. The report claimed that solar energy consumption is set to increase 13% annually through the next decade. The factors contributing to rise in solar photovoltaic (PV) generation are: policy support from a majority of the countries, availability of resources and plummeting production costs.

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