As the pandemic has affected each and every sector of the market, so my question is how big it has affected the renewable energy sector. If it has affected then can we have the specific results using the data science?
Dear Suraj Jat ,
I think it is too early to answer this question exactly. When there was a price drop of the oil at this moment, I think it is just an instability or transition effect. When the condition is steady an normal, the world's commitment to using renewable energy is still committed.
Best regards.
Nazar
Dear Suraj Jat ,
I think it is too early to answer this question exactly. When there was a price drop of the oil at this moment, I think it is just an instability or transition effect. When the condition is steady an normal, the world's commitment to using renewable energy is still committed.
Best regards.
Nazar
Dear Suraj,
The SARS-CoV-2 coronavirus pandemic (causing Covid-19 disease) increased people's interest in sustainability, human role in nature, sustainable development, ecology, green economy, circular economy, environmental protection of natural ecosystems, biodiversity protection, etc. Indirectly, therefore, it could also increase interest and need to develop energy based on renewable energy sources. Unfortunately, however, it is difficult to accurately measure the impact of the SARS-CoV-2 Coronavirus pandemic on green energy development, correlation analysis, and precise dependence estimation. It would require careful analysis of large data sets using Big Data Analytics analytical platforms.
Regards,
Dariusz Prokopowicz
Impact of Covid-19 on the global energy sector
Over the past few months, the Covid-19 pandemic has caused an unprecedented global economic and social crisis. The pandemic has significantly affected all aspects of life, including the energy sector.
The energy sector has already felt the impact of Covid-19. The outbreak has contributed to a dampened demand for oil, resulting in plummeting prices and declining production, especially in the wake of the Russia-OPEC price war. According to the IEA Oil Market Report – April 2020, global oil demand is expected to fall by a record 9.3 mb/d year-on-year in 2020. Demand in April is estimated to be 29 mb/d lower than a year ago, down to a level last seen in 1995. Covid-19 has also accelerated the continued drop in gas prices.
Dear Suraj,
This is my answer responding to the effect of COVID-19 to RE sector in the previous relevant Question:
"The COVID-19 lockdown measures around the world cut global transportation and damage the world economy unprecedentedly. The oil price went negative for the first time in history. Investment in renewable energy (RE) sources has been slowed down due to the price pressure from the fossils. As China had been locked down, the cost reduction of Li-ion batteries is stagnant. In many countries, the government lends a hand in lowering the electricity tariff as the residents are facing the Work From Home situation. These reasons flatten the trends in RE sources. " For further insightful information please see: https://www.iea.org/reports/covid-19-impact-on-electricity
For the data science:
Data science is actually the extraction of knowledge in the data by using scientific processes. If we possess sufficient and reliable data of the COVID-19 effect on RE sector, so the effects could be analyzed by using Big Data analytics.
It's a very sophisticated question that need a complex answer if there will be!
The impact of COVID-19 situation is affecting the GHG emission and could be a kind of nature balance to mitigate the climate change........Maybe!
Nobody can judge if the RE will be affected or not at that point, however one may see that all sectors will be!
In this situation, unfortunately there is no data to be analyzed.
The impact is huge, but the data is sparse.With the further development and stabilization of the epidemic, there will be more and more data.Can it be analyzed from the current news reports and economic data?
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