For the last two weeks of March, while Poland was experiencing the difficulties created by Covid-19, electricity demand dropped by as much as 8.5 percent. This drop has effectively increased the share of renewable energy sources within the national energy mix. How will the crisis provoked by the new virus affect Poland’s energy and climate policy? Will changes in the energy market make it possible to meet the EU’s 2020 renewable energy targets on the home straight? Agata Skrzypczyk takes a look behind the scenes.
All posts tagged: energy market
Pump Punishment: As Oil Prices Fall, so Does the American Economy
Despite the recent historic agreement between OPEC, Russian, American and other global oil producers to slash supply by the 1st of May with the hopes of bolstering prices, the United States will still suffer an “unprecedented” economic blow according to the International Energy Agency. With high production costs and deeply in debt, many U.S. producers, especially those extracting from shale fields, are bleeding cash as they try desperately to cut costs. Output is expected to shrink by more than two million barrels per day. Analysts predict waves of bankruptcies, along with thousands of job losses and steep drops in tax revenues for oil-dependent states as the fallout from a monster oil bust ripples throughout America’s already staggering economy. L. Michael Buchsbaum reviews the worsening situation.
Renewables: The End of Energy Globalization?
Over the last two centuries, energy trade has become increasingly global. Where wood was found and used locally, coal was mined and transported nationally, and oil emerged as a global commodity. Natural gas is also moving from regional markets to the global shipping of LNG. The same holds for energy demand, which is growing and shifting Southward, away from traditional OECD markets, to China, India, South-East Asia and Africa, as the International Energy Agency (IEA) confirms in its findings. Renewable energy harbors a number of characteristics that could potentially end this trend of increasingly global energy trade. Just Voskuyl and Daniel Scholten take a critical look at the bigger picture.