Covid-19 to curb EU power prices to 2022 – study

23/04/2020 11:37 Electricity Market

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A recession owing to the coronavirus pandemic is likely to supress European power prices for at least the next two years and risks stalling clean energy investments, Aurora Energy Research said on Wednesday.

The analysis company expected European power prices to start rising from next year, though they might only fully recover by 2025, depending upon the severity of the present global economic downturn.

 

Power prices have fallen around 30-40% across Europe due to a loss of energy demand from lockdowns to curb the spread of the virus and a decline in the cost of fuels, according to Aurora.

 

It saw electricity demand in Europe’s biggest economy, Germany, falling by “at least” 85 TWh this year, or roughly 15% year on year. 

 

This was likely to hurt coal-fired generation most and in turn reduce German power sector emissions by 35% in 2020, Aurora said.

 

While gas-fired generation would also see a decline in production volumes, German combined cycle gas turbines (CCGTs) could see their profitability rise thanks to cheaper fuel costs. 

Source: montelnews.com

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