Weekly Power Sector Round up: 4th July 2020

Power consumption dips 9.74% but the slump narrows

Power consumption in June declined 9.74% to 106.48 billion units (BU) as compared to 117.98 BU in the corresponding period last year. This was primarily due to reduced activity in light of COVID-19 pandemic and the consequent restrictions imposed.

However, the slump has narrowed as compared to a 14.86% deficit in May and a 23.21% deficit in April. Demand has picked up due to the relaxing of restrictions in various parts of the country.

Rapid acceleration of innovation in clear energy technology needed to meet net zero target: IEA

Existing renewable technologies will not be enough to achieve net zero carbon emissions by 2050, a target set in the 2015 Paris Agreement, according to the International Energy Agency (IEA).

Although existing renewable technology can reduce emissions by a large amount, rapid acceleration in clean energy innovation is necessary to meet the target.

The IEA’s research showed that there are few technologies available to drop emissions to zero in sectors such as shipping, aviation and heavy industries. Meeting climate targets would be impossible without decarbonising the transport sector.