BNEF just published a new report on the likely effects of Covid-19 on renewable power, energy storage, electric vehicles, heating, cooling and the circular economy.
- BNEF cut the global solar demand forecast for 2020 from 121-152 gigawatt (GW) to 108-143 GW. This could make 2020 the first down year for solar capacity addition since at least the 1980s.
- „We see also considerable downside risk to our forecast for 2020 wind installations from the 75.4GW we forecast in December 2019, but we still expect this year to be a record year for new wind installations“, Veronika Henze, Head of Communications, said.
- Battery demand in an optimistic scenario will be 3GWh lower in 2020 than initially forecast, and 9GWh lower in a pessimistic scenario.
- The global auto market is very sensitive to macroeconomic conditions and will be hit hard by the coronavirus and any economic contraction that accompanies it. Early data from the main markets in Asia shows a drop in vehicle sales of 44% for China and 18% for Korea, two of the hardest hit countries. (HCN)
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