Is the Covid-19 pandemic forcing a paradigm shift on the entire energy industry? The IEA released a special report into the impacts of the crisis this week (Global Energy Review 2020) and Executive Director Fatih Birol says “it is still too early to determine the longer-term impacts, but the energy industry that emerges from this crisis will be significantly different from the one that came before.”
The report points to “low prices and low demand in all subsectors” leaving energy firms “with weakened financial positions and often strained balance sheets.” Those firms with renewable energy projects are seen as being more insulated from the market headwinds. “Market concentration and consolidations are likely.” (CONTINUED - 788 WORDS)
