EU carbon market ‘the first victim’ as electricity demand collapses
(EurActiv, 24 Mar 2020) Every country in Europe has seen electricity demand decrease by 2 to 7% week-on-week as coronavirus-related confinement measures were enforced, according to new research by Ember, a climate think tank. Some analysts are now calling for urgent measures to prevent the EU carbon market from collapsing.
The steepest fall occurred in Italy, the first EU country to introduce confinement measures to contain the coronavirus outbreak, Ember said in a new study, released on Monday (23 March).
Italy, Spain and probably France show twice the impact of any other country, according to Dave Jones, an electricity analyst at Ember.
UK electricity demand has been the least impacted so far, he said, due to the government’s late response to the coronavirus crisis.
“These are very significant falls in the context of electricity demand, where temperature-adjusted changes are normally small,” Jones said in emailed comments.