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GE, Siemens, Utilities Take Hits From Coronavirus
The post GE, Siemens, Utilities Take Hits From Coronavirus appeared first on POWER Magazine.
U.S. power plant operators continue to change procedures at their facilities, including pushing back scheduled maintenance, due to lockdowns and quarantines associated with the coronavirus pandemic. The changes are impacting companies such as General Electric (GE) and Siemens, which are major service providers to power plants, at a time when these global companies already are taking a revenue hit due to COVID-19.
Maintenance of power plant generation equipment is a major revenue source for Siemens, GE, and other equipment manufacturers. GE’s aviation unit earlier this month announced it would furlough half of the division’s engine manufacturing workers, idling thousands of staff for as much as four weeks. That announcement came a few weeks after the company said it would cut 10% of the workers in that unit, or about 2,600 jobs. The company’s aviation business is struggling as airlines worldwide reduce orders, with many airlines simply parking planes due to the global collapse in air travel.…
EIA Notes Power Demand Destruction From Coronavirus
The post EIA Notes Power Demand Destruction From Coronavirus appeared first on POWER Magazine.
The coronavirus pandemic is altering the power landscape, with utilities and other power generators forced to adjust for load disruptions. Power consumption is changing as commercial and industrial electricity users close their businesses, and load is shifting to the residential sector with workers now settled in home offices, and students practicing remote and distance learning.
The U.S. Energy Information Administration (EIA) in its latest Short-Term Energy Outlook (STEO) published April 7 said it expects significant impacts to U.S. electricity consumption, and the group has lowered its estimates for power generation through the rest of this year.
“The economic slowdown and stay-at-home orders will likely affect U.S. electricity consumption over the next few months, with the largest impact occurring in the commercial sector because of business closures,” according to the outlook. “We also estimate that sales of electricity to industry will fall as factories cut back production.…