The year 2020 was unlike anything before in recent history. COVID-19 was declared as a global pandemic and it presented new unforeseen challenges for economies all around the world. Industries came to a standstill, transportation ceased, small and medium businesses wound up their operations. Moreover, the weak capital flows which were further aggravated by the global boycott of China and Chinese products spelt gloom for the world economy. Governments around the world responded with guidance to manage this crisis, but the economic fallout of this pandemic, as we all know, is extensive.
However, there was one key sector that worked ceaselessly in the middle of this turmoil – the energy sector. Power generating facilities along with other critical infrastructure around the world kept electricity flowing to homes, hospitals, grocery stores, data centres, and other essential businesses.
COVID-19’S IMPACT ON THE POWER SECTOR
Energy is a crucial facilitator of economic growth, and the stability of global energy markets is essential to sustain and nurture modern business establishments and society. However, the lockdown measures that were imposed in response to the pandemic ended up curbing the demand for power. Electricity requirements across the world dropped under lockdown, with significant reductions in the commercial sector. The power industry partially managed to break even, thanks to the higher residential use.
This story is from the December 2020 edition of The Machinist.
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This story is from the December 2020 edition of The Machinist.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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