Greentech Media covered how the Utility industry, often thought to be immune to economic declines, is facing challenges due to the COVID-19 crisis, quoting AEE's Lisa Frantzis. Read excerpts below and the entire Greentech Media piece here.
The coronavirus pandemic is wreaking havoc on the U.S. economy, and while electric utilities may be relatively sheltered from the storm that’s overtaking other economic sectors, they are not immune. In the past month, crashing oil prices have roiled international energy markets and pushed some U.S. oil and natural-gas producers to file for bankruptcy. Meanwhile, electricity demand has taken a dive as businesses and factories have closed down under state orders or economic duress, leading the U.S. Energy Information Administration to predict a 3 percent drop in electricity generation over the course of 2020...