Covid-19 weekly updates: 11-15 May

Here are the key ways that the coronavirus (Covid-19) pandemic has impacted the wind power industry over the past week.

The coronavirus (Covid-19) pandemic has hit supply chains and forced companies to reconsider strategies (pic credit: US Department of State)
The coronavirus (Covid-19) pandemic has hit supply chains and forced companies to reconsider strategies (pic credit: US Department of State)

Google Translate

SGRE credit warning

Financial service company Fitch Ratings downgraded Siemens Gamesa Renewable Energy’s (SGRE’s) credit outlook from Stable to Negative this week, flagging concerns about the impact of the coronavirus pandemic on the manufacturer.

A Negative outlook indicates that SGRE’s credit rating - currently at BBB, suggesting it can repay issued debt - is likely to worsen over a one- or two-year period.

US unemployment

Unemployment claims from US renewable energy workers tripled from March to April as manufacturing facilities and construction sites were closed to prevent spread of Covid-19.

By the end of April, 95,574 renewable energy jobs had been lost - 23,379 in March and 71,835 last month - according to US Department of Labor data. These figures include all renewable energy jobs - including the wind, solar, hydro, geothermal and biomass sectors.

Network operators cautious

Both Innogy and E.on raised concerns about the impact of the virus in their first-quarter financial statements.

Declining electricity demand could hit the companies’ retail earnings as the pandemic and economic slowdown continues, while Innogy suggested that some customers may fail to settle accounts due to financial hardship.

German amendments

Germany’s Bundestag passed legislation extending deadlines for renewables developers working on projects during the virus.

The measures were due to be debated in the federal council (Bundesrat) today (15 May).

For updates on how the coronavirus pandemic is impacting the wind power industry, please follow Windpower Monthly’s blog.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in