NewEnergyNews: Covid Knocks 20% Off Global 2020 Energy Investment – IEA

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    Friday, June 05, 2020

    Covid Knocks 20% Off Global 2020 Energy Investment – IEA

    Energy investment is set to fall by one-fifth in 2020 due to the Covid-19 pandemic; Pre-crisis expectations of modest growth have turned into the largest fall in global energy investment on record

    May 2020 (International Energy Agency)

    “…[At the start of the year, it appeared] worldwide capital expenditures on energy might edge higher by 2% in 2020. This would have been the highest uptick in global energy investment since 2014… 2020 is now set to see the largest decline in energy investment on record, a reduction of one-fifth – or almost USD 400 billion…Oil (50%) and electricity (a further 38%) were the two largest components of worldwide consumer spending on energy in 2019…[But] spending on oil will plummet by more than USD 1 trillion in 2020, while power sector revenues drop by USD 180 billion (with demand and price effects accompanied in many countries by a rise in non payment)…[T]his would mean an historic switch in 2020 as electricity becomes the largest single element of consumer spending on energy…

    [Investment in 2020 will likely drop by one-third] in the oil and gas sector …[The power sector will likely see] a fall of 10% in capital spending…China remains the largest market for investment and a major determinant of global trends; the estimated 12% decline in energy spending in 2020 is muted by the relatively early restart of industrial activity…The United States sees a larger fall in investment of over 25% because of its greater exposure to oil and gas (around half of all US energy investment is in fossil fuel supply). Europe’s estimated decline is around 17%, with investments in electricity grids, wind and efficiency holding up…Developing countries, especially those with significant hydrocarbon industries, see the most dramatic effects of the crisis…” click here for more

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