COVID-19 is transforming the global energy system in ways unthinkable just four months ago. This crisis is, without exaggeration, the biggest shock to the global energy system in at least seven decades, and the implications of that shock will be with us for years to come. Companies, investors, and analysts need to drill down to understand the transformative events.
The International Energy Agency (IEA), one of the premier organizations for forecasting and analyzing the latest trends in global energy, just released a new report that provides an almost real-time view of the COVID-19 pandemic’s shocking impact across all major fuels. The IEA report is based on more than 100 days of real data so far this year, and includes estimates for how energy consumption and carbon dioxide (CO2) emissions trends are likely to evolve over the rest of 2020.