Coronavirus company news summary – World Bank loans Nepal funds for energy development – Chinese power demand expected to surge

25 June 2020 (Last Updated June 25th, 2020 09:23)

25 June

The board of the World Bank has signed a $100m development credit agreement with the government of Nepal .The deal aims to help the country’s energy sector recover from the Covid-19 pandemic. The agreement includes measures to make Nepal Electricity Authority (NEA) more financially viable of the as the sole off-taker, set up an autonomous regulatory framework, and ensure greater integration with regional electricity market.

The OECD/Nuclear Energy Agency (NEA) has explained in a series of policy briefs how the nuclear energy sector can contribute to global economic recovery. The agency urged countries to invest in modern, resilient infrastructure, which promotes stable, high-value jobs for equitable economic development. The briefs call for building resilience; job creation; cost-effective decarbonisation; and making finances more available.

A Chinese think tank expects the country's power consumption in the third and fourth quarters of 2020 to grown by 7.1% and 6.8% year-on-year. Shan Baoguo, deputy general economist at China Energy Research Institute, a think tank of State Grid, told Reuters: "The negative impact of the pandemic mainly shows in the first half of 2020. With the impact diminishing in the second half of this year and policy effects emerging, the growth of power consumption will rebound significantly comparing to the first six months."

Sempra Energy has wrapped up the sale of its businesses in Chile, which earned it nearly $2.23bn in total cash proceeds. The company sold the entire interest in Tecnored, which provides electric construction and infrastructure services to Chilquinta Energía and third parties. It also sold a 50% stake in Eletrans, which owns, constructs, and operates power transmission facilities.