Coronavirus company news summary – US power consumption falls 4% in 2020 – European PPAs surge ahead through Covid-19

9 December 2020 (Last Updated December 9th, 2020 10:12)

9 December

The US Energy Information Administration (EIA) has said power consumption in the US will fall by 3.9% in 2020. This comes as a result of offices shutting and factories operating at reduced capacity due to Covid-19-related lockdowns. Power demand is predicted to decline to 3,801TWh this year, down from 3,957TWh in 2019. In 2021, the EIA predicts it will reach 3,849 TWh. The fall in power demand this year will be the first demand decline for two straight years in almost a decade.

The council in charge of planning a 37-acre solar panel project in Connecticut, US, has postponed their decision to April 2021. The Siting Council was granted a three-month extension on the deadline to take a decision on the project in Southington. An executive order has permitted state agencies to postpone regulatory time requirements, taking into consideration the pandemic related disruptions.

The amount of corporate electricity sourced from renewable energy continued to rise in Europe during the onset of coronavirus pandemic. The cumulative volume of contracted corporate renewable power purchase agreements (PPAs) in Europe hit the 11GW mark, compared to 2.2GW four years ago. In this year alone, European PPAs covered an additional 3GW of renewable generation.

The electricity demand in India fell by 25% to 30% during the pandemic’s emergence. Along with a decrease in tariff collection and slow rate of recovery, this has pushed distribution companies toward financial distress. The share of renewable energy, however, increased from 19% in March to 30% by June.