The outbreak of coronavirus in Europe has led to a significant decline in power demand with countries being placed on lockdown across the region. Falling demand combined with several markets experiencing material increases in renewable supply so far in 2020, has resulted in renewables generation having a more frequent influence on prices.
The pandemic, combined with a rapidly deteriorating economic outlook will have a significant impact on European power prices and the renewables sector in 2020/21 and possibly longer-term too.
Join Wood Mackenzie’s Power and Renewables analysts on the 6th May at 11 AM BST as they cover the economic impacts of falling power demand across regional power markets, and slowing supply of renewables projects under the growing risk of recession.
Across the sector, value chains have varying levels of exposure to supply side constraints and potential scale of demand erosion. Analysts will touch upon:
• Solar and storage’s expected reductions in installations of up to 20% compared to our previous outlook
• Onshore wind’s cascading supply chain and construction risk assessment
• The outsized impact of an economic shock on customer driven storage purchases