Ikke direkte oljerelatert, men likevel av betydning.
March 27, 2020
Renewable energy projects expecting to achieve financial close or break ground globally will not avoid taking a hit from Covid-19âs effect on the economy. A Rystad Energy analysis shows that forecast growth in newly commissioned solar and wind projects will now be wiped out for 2020 and cut by a further 10% next year as the US dollar surges and currencies fall across the globe.
We expect these movements in the foreign exchange market to cause companies to pause contracting key components, which are typically procured in US dollars. Renewable projects in Australia, Brazil, Mexico and South Africa will be especially impacted, as projects in the procurement phase could face capital cost increases of up to 36% due to the rapid depreciation of local currencies in these countries.
Before the novel coronavirus epidemic, Rystad Energy expected 140 gigawatts (GW) of global solar PV additions and 75 GW of wind capacity additions in 2020, a year-on-year increase of 15% and 6% respectively. This eradication of this growth is due to government restrictions on movement that will impact construction timeframes, bringing this yearâs commissioned projects on par with 2019.
