Coronavirus company news summary – Verbund slashes 2020 profit guidance – Construction of Dubai CSP goes ahead

14 May 2020 (Last Updated May 14th, 2020 09:19)

14 May

The Indian Government has announced plans to inject INR900bn ($12.03bn) into power distribution companies facing severe cash flow problems due to the disruption caused by the Covid-19 pandemic. The Power Finance Corporation (PFC) and REC will make this one-time liquidity injection in two equal instalments.

Austrian electricity company Verbund has slashed its profit guidance for the year 2020 as the coronavirus pandemic led to a massive dip in demand. The company now expects its profit to be in the range of €470m and €560m ($510m-$607m), compared to the previous estimate of €510m-630m. The company reported a first-quarter profit of €156.5m as prices fell sharply due to the pandemic.

Construction of the 700MW Noor Energy1 concentrated solar power (CSP) plant in Dubai is progressing as per schedule despite the Covid-19 pandemic, according to engineering firm Worley. The engineering firm noted that it has been able to acclimatize its service as the Covid-19 pandemic advanced. It keeps workers connected via videoconferencing and regular project meetings.

Electricity prices in Japan have almost hit zero, as the coronavirus pandemic badly impacted the industrial activity in the country, Reuters reported. The Japan Electric Power Exchange (JEPX) day-ahead prices fell to JPY0.01 ($0.0001) per kilowatt-hour for the first time in February. They continued to trade at that level for several hours on most days after the government imposed a state of emergency in April.