The Impact of COVID-19 on the Energy Market
COVID-19 is affecting the whole world, and the energy sector is certainly impacted too. Here are some of the stats we are noticing right now:
17 million people are estimated to be working from home right now, which is expected to increase collective domestic weekly energy bills by £52 million.
The demand for power has fallen by 11% compared to March 2019 as schools and businesses are closed.
An estimated 15,500 flights have been cancelled per day, which in a 2-week period would normally equate to around 2.5 million tonnes of C02 emissions. Global aviation carbon dioxide emissions during February and March fell more than 10 million tonnes.
In the month of February, carbon emissions in China were 25% lower than the previous year, and coal consumption was down by 33%. China produced approximately 200 million fewer metric tonnes of carbon dioxide than the same period in 2019.
Energy demand in Italy is currently decreasing by around 7% per week.
Oil prices have dropped to $21.66 per barrel, compared to $22.76 for the same period in 2019.
An increase in virtual events sees a 99% reduction in emissions. The C02 equivalent for a single three-day, mid-size trade show is nearly 6,000 tonnes.
Solar installations are forecasted to be down by around 16% globally.
A nine-minute-long switch-off of electrical appliances in India last weekend (05/04) resulted in a 31,089MW drop in power demand.
Energy demand in the UK is down 13%. This change in the energy consumption is most notable in the morning peak and middle of the day, when there would have been typically more demand due to the industrial and commercial loa