Breaking records of Renewable Energy without outages in the power sector
COVID-19 has brought the generation of energy from fossil fuels to a breaking point. As the lockdown measures were introduced, global energy demand dropped precipitously at levels not seen in 70 years.
The article explains why the growth in the share of renewable energy in major economies is not purely circumstantial, highlighting three factors:
1. Renewables have been supported by favourable policies.
2. Continuous innovation.
3. Preferred investment.
The article then provides initial insights into the effect of the lockdown measures in the power sector.
1. The work-from-home economy has shifted peak demand.
2. Several countries registered new records for clean energy generation.
3. The pace of the transition can be fast-tracked.
4. A higher share of renewables can bring challenges.
Finally, it gives ways in which Government and businesses can spur a greener post-COVID restart and how it is now time to focus on:
1. Taking stock from the lockdown and promoting green conditions to sustain and effectively manage a higher share of renewables.
2. Redirecting investment and increasing innovation for improvements in batteries, storage, digital markets, blockchain and smarter grids.
Governments and businesses have kept the lights on during the pandemic with cheaper and cleaner energy; it is relevant to keep the energy curve from flattening.