COVID-19 Lockdown Spurs Increase in Renewable Power during Pandemic

It’s not a coincidence that there has been a substantial increase in renewable power during the Coronavirus pandemic. When lockdown measures came into force, the global energy demand dropped to levels unheard of in 70 years.

The International Energy Agency (IEA) estimates that energy-related emissions are going to decrease by 8% this year. In 2020, oil is expected to drop by 9% and coal by 8%. Crude oil is at its lowest price at the moment too. Furthermore, the IEA noted that Renewable Energy demand jumped in Europe after the COVID-19 lockdown was introduced by 15%.

There are a few reasons as to why there has been an increase in renewable sources during the pandemic.

Firstly…

The fact that renewable energy is supported by favourable policies across the globe, with numerous countries racing towards a carbon-neutral society.

Second…

Renewable energy sources are now the cheapest energy source. The International Renewable Energy Agency (IRENA) stated that the costs of solar have fallen by 82% since 2010.

Lastly…

Renewable energy has now become an investor’s ideal choice for power plants. 72% of new power capacity is a renewable plant. It’s also cheaper, which is exceptionally appealing to an investor.

The lockdown measures imposed by governments across the globe led to electricity demand as low as 15%-30%. This was a historically low level. The lack of electricity used spurred grid operators to seek the cheapest source to balance their now lower demand. This made them go greener and choose renewable energy sources for their systems. 

In just a few months, fossil fuel power has declined rapidly with renewable energy taking a forefront in all major regions of the world. However, the long-term effect is cloudy at the moment so who knows what will happen to renewables after the pandemic is over, whenever that will be.

Effects of Lockdown on Energy Demand:

  1. Working from home has led to a shift in peak demand. Due to people at home more, the change in routine has intensified peak times. 
  2. In April the UK hit a record for solar energy, and the IEA has said that the USA renewable energy consumption has overtaken coal for the very first time in 130 years.
  3. Clean energy sources have sky-rocketed in less than three months—a record in itself.
  4. High demand for renewable energy has stressed the grid system’s operation.

What Governments can do post-COVID-19:

  1. Promote green conditions to sustain and manage more types of renewable energy sources.
  2. Redirect investment to greener alternatives of energy consumption and increase innovation to improve batteries, storage, smarter grids and the digital markets.

It’s safe to say that COVID-19 has had a dramatic effect in boosting the transition to a greener, cleaner and more renewable energy sources. With any luck, governments can work with businesses post COVID-19 to sustain and build upon sustainable energy resources.

What can you do post lockdown? Go green of course! Get in touch today!


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