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IEA: Pandemic this year will crash demand for many energy sources

The COVID-19 pandemic proved to be the biggest shock to energy markets since World War II. Demand has dropped for almost all types of energy - oil, gas and coal, and in 2020 is expected to grow only in the alternative generation, the International Energy Agency (IEA) predicted in a study quoted by TASS.
Demand for energy sources in 2020 in the world will decrease by 6 per cent - seven times more than the 2008 crisis period, according to the study. In absolute terms, the decline will equal the volume consumed annually by India - the third largest market in the world. Demand in developed countries will shrink most strongly: in the US by 9 percent and in the EU by 11 percent.

The final effect of the pandemic on demand can only be calculated after the completion of the restrictive regimes. For now, the IEA estimates that each month of population isolation reduces global demand for energy carriers by 1.5 per cent, BTA reported.

At the same time, blocking measures have resulted in an impressive increase in the use of alternative low-carbon sources, including wind, solar, hydro- and atomic energy. In 2020, according to the IEA, their share in electricity generation can reach 40 per cent.

Coal demand will fall by 8 per cent and gas by 5 per cent. This will lead to a record decrease in CO2 emissions by 8 per cent.

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