Electric Avenue

Published April 30, 2020

The pan­dem­ic is cut­ting the world’s ener­gy use … except for renew­ables, which are see­ing a surge.

It’s not just because they’re green­er. “The pan­dem­ic is reveal­ing down­sides to fos­sil fuels, such as the need for exten­sive stor­age sys­tems and sup­ply chains to move fuel from its source.” (That’s why the price of crude oil went below 0 last week — no place to store it.)

Fun facts:

  • Global ener­gy demand is expect­ed to drop by 6% in 2020 com­pared to 2019.
  • The more devel­oped the coun­try, the big­ger the drop; “a 9% decline in the United States and 11% in the European Union.”
  • “Carbon emis­sions from the ener­gy sec­tor are expect­ed to fall by 8% for the year.”

And yet:

  • “Demand for renew­able ener­gy is expect­ed to grow 1% over the year, dri­ven by a 5% increase in use of renew­able electricity.”
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