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The global pandemic of 2020 has slowed down demand for oil and gas but provided a big boost for renewables, said Mona Dajani, partner and global head of energy and infrastructure at Pillsbury Winthrop Shaw Pittman LLP in New York.
The Covid-19 pandemic is hurting the clean energy industry now but may bring about a boom similar to the effect of the 2008 recession, Jeff Hamel, Google’s head of industry partnerships, said in an interview with BloombergNEF.
Invinity Energy Systems, the vanadium flow battery company formed in April by the merger of the North American firm Avalon Battery and the U.K.-based redT, is focusing on the North American energy storage market, specifically on solar-plus-storage applications.
The global Covid-19 pandemic may slow some work on renewable energy projects but the market for corporate power-purchase agreements remains strong, Engie North America’s chief executive officer said.
Electric vehicle owners will be able to “offset the cost of driving 10,000 to 15,000 kilometers per annum” by using their car battery to provide flexibility services to the grid.
First the coronavirus disrupted the renewable energy supply chain, hitting directly at the key manufacturing hub of Wuhan, China. Now it’s hitting the demand side as the widespread lockdown hampers the U.S. economy, where solar projects are nearing completion and facing deadlines to qualify for tax incentives.
The 21-day lockdown imposed by India to deal with the new coronavirus has hit India’s power demand, and will impact new power projects in the pipeline, according to the $3.9 billion Tata Power Company, one of India’s largest power generators in the private sector.
India’s power and renewable energy minister, Raj Kumar Singh, is promising an overhaul of the country’s power system that would lead to cheaper power for commercial and industrial users.
First there were the U.S. tariffs on solar components from China, now the coronavirus has struck in the heart of its manufacturing base, and still the solar industry is cranking out more and more panels at lower and lower costs.
“As penetration grows, you keep needing longer-duration storage and now in many pockets of the grid, they are requiring and demanding over 10 hours,” VanWalleghem said in an interview with BloombergNEF. “Lithium-ion is not a fit in that market. This is where compressed air, flow batteries, certain types of thermal applications will really kick in and take over.”
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