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The Economic Shock of Covid-19 Derailed Progress of the Energy Sector
The impact of the pandemic is slowing down construction activity on renewable projects. Lockdown measures in many US states require non-essential workers to stay at home. This will further affect developers who need to complete utility-scale renewable projects by the end of 2020 to meet contractual obligations under policy programs.
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In the United States, wind developers are in a tough situation, as they are required to ensure projects are operational by 2020 to receive production tax credits. Any delay in components or construction puts companies at risk of missing these deadlines and thus important financial incentives.
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