Global energy markets face disruption, with the coronavirus pandemic triggering the biggest demand shock on record for the gas industry while investment in new renewable energy is also set to plunge.
“[LNG] is expected to remain the main driver behind global gas trade growth, but it faces the risk of prolonged overcapacity as the build-up in new export capacity from past investment decisions outpaces slower-than-expected demand growth,” the IEA said.Australia, as a major energy exporter, will have to endure lower prices for gas. Cheaper gas, though, is also displacing coal demand in big markets such as the US.
The pace was about a third that of the $US2.7 trillion spent on clean energy during the 2010-19 decade. Falling renewables costs – with solar modules 83 per cent cheaper in the past 10 years – was one reason for the looming slowdown.
Manufacturing needs cheap reliable baseload power at the moment not unreliable intermittent expensive renewables.
Renewables don’t work . . . even environmentalists have walked away! China & India go with coal.
That's one positive from covid