LONDON--(BUSINESS WIRE)--Infiniti Research’s team of industry experts and analysts are constantly monitoring the business impact of the COVID-19 crisis across sectors to help organizations prioritize response, mitigate risk, and continuously monitor the economic adversities on their business. To help companies across sectors to make headway against the adversities of the coronavirus outbreak on business operations, Infiniti presents immediate, impactful, and in-depth insights and action plans to navigate the crisis.
The coronavirus outbreak has contributed to unprecedented challenges for the global energy sector. The industry is currently witnessing a dampened demand for oil, resulting in plummeting prices and declining production, especially amidst the Russia-OPEC price war. Similar price decline trends can also be observed in the electricity sector now, especially in European countries. Another major concern is the impact of the reduced demand on the utility companies’ cash flows and the consequent effect that this has on the energy sector.
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Infiniti Research has been working with some of the top global energy sector companies to understand their key challenges during the COVID-19 crisis and helping them formulate strategies and action plans to ensure business continuity. Based on our expertise in the energy sector, here are some of the key challenges that our experts have identified for the energy sector due to COVID-19:
- In several countries, customers have been advised by energy regulators and governments to delay the payment of utility bills. Defaults on payments cause a cascade effect and impact the whole sector severely.
- China is one of the global producers of several clean energy technologies, such as solar panels, wind turbines, and batteries. Since the coronavirus outbreak has delayed deliveries from China, renewable energy companies are struggling to comply with deadlines for equipment installation.
- Many energy sector companies have considerably reduced or ceased their capital expenditure in order to cover up for the losses incurred. This is resulting in the delay of initiated projects and consequent decrease in the procurement of goods and services.
Want more insights on the COVID-19 challenges in the energy sector and what companies must do to thrive? Request for more information.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us