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Moody's reports that the COVID-19 pandemic has shown that the clean energy transition could accelerate
in the face of declining demand in favor of renewable energy in the electricity market.
"Coal power generation continues to decline, while renewables have shown greater resilience
in key markets in the United States, Europe, China and India," the report said.
”
India's electricity demand fell by 20% due to the lockdown, which had a significant impact
on coal production.
Both business and household electricity demand is expected to be severely
affected by the recession and weakening long-term growth expectations.
Production of conventional energy sources such as coal and oil has also declined
, the agency said.
Worldwide, renewables have accounted for the bulk of recent capacity additions, which continue to replace thermal power
.
Moody's said the trend is expected to continue
due to the sharp drop in electricity demand due to lockdowns.
"COVID-19 could have had a ratchet effect that limited any rebound in coal production and accelerated coal decline in the U.
S.
and Europe by several years
," the rating agency said.
”
Moody's also predicts that increased use of biofuels, electric vehicles, and improved engine efficiency will increase the likelihood
that oil demand will pass over time.
While most developed countries have set targets and incentives for rapid adoption of electric vehicles within the next decade, India has yet to put in place such policies
.
Moody's reports that the COVID-19 pandemic has shown that the clean energy transition could accelerate
in the face of declining demand in favor of renewable energy in the electricity market.
"Coal power generation continues to decline, while renewables have shown greater resilience
in key markets in the United States, Europe, China and India," the report said.
”
India's electricity demand fell by 20% due to the lockdown, which had a significant impact
on coal production.
Both business and household electricity demand is expected to be severely
affected by the recession and weakening long-term growth expectations.
Production of conventional energy sources such as coal and oil has also declined
, the agency said.
Worldwide, renewables have accounted for the bulk of recent capacity additions, which continue to replace thermal power
.
Moody's said the trend is expected to continue
due to the sharp drop in electricity demand due to lockdowns.
"COVID-19 could have had a ratchet effect that limited any rebound in coal production and accelerated coal decline in the U.
S.
and Europe by several years
," the rating agency said.
”
Moody's also predicts that increased use of biofuels, electric vehicles, and improved engine efficiency will increase the likelihood
that oil demand will pass over time.
While most developed countries have set targets and incentives for rapid adoption of electric vehicles within the next decade, India has yet to put in place such policies
.
