How COVID Changed Global Energy Use

COVID-19 shifts global energy demand

February 2, 2021 (Smart Energy International)

“…Disrupted energy demand, a slow-down in traditional electricity sales and a never-before-seen rise in renewable energy usage…[and] the rapidly growing ‘conscious-consumer’ base…[driven by] the dramatic impact of COVID-19 lockdowns throughout 2020 has led to a shift in typical human behaviour resulting in a total crumple of economic predictions and industry-specific trend forecasts…[E]nergy companies began seeing rapidly changing usage patterns and their residential customers now taking the front row in energy demand generation…

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…[New Energy] accounted for up to 40% of generation in 2020…[and] even a rapid recovery from the COVID-19 crisis will] not slow the rise of renewables, thanks to new projects in the pipeline…New market entrants, evolving policy, and regulatory models have been at the heart of the transition, along with the evolving, more climate-conscious energy consumer…60% of consumers have become more aware of climate change and its environmental impact since the COVID-19 outbreak…50% are likely to invest more in energy efficiency today than before the pandemic…[Energy companies’ biggest future threat comes in the form of a new conscious consumer…

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…[S]ustainable offerings and energy value pools such as energy management, distributed generation, e-mobility, and demand-side flexibility will push those providers perceived to be less conscious entirely out of the competition…[Ultimately, energy companies must transition] from a high-volume, low-margin business to developing a low-volume, high-margin business with high growth…centered on purpose-driven consumers and adapting to regulatory and market change, enabled through digital technologies...The winners will be energy retailers that blend technology, partners and the wider ecosystem to engage with consumers…” click here for more

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