Set against the backdrop of a worldwide pandemic and unprecedented market activity, we welcome you to our market report covering the first half of the year.
Q1 and Q2 had distinctly different defining factors.
Q1 saw high levels of renewables output with three named storms (Ciara, Dennis, and Jorge) occurring within quick succession. As a consequence, March brought record wind output with over 13TWh generation.
As Q1 led into Q2, COVID-19 was the defining topic – and the markets were no exception as we experienced what economists call a demand shock. Coronavirus has had a profound impact on the world and the commodity markets were impacted severely. One by one, countries entered lockdown to prevent the spread of the virus, and large sections of economies virtually shut. This reduced demand for commodities, with industrial and commercial load declining and a delayed morning peak altering the residential demand shape.
In this report, we explore the market these factors, and other key market developments and influences since the beginning of 2020, split by fundamentals, ancillary services, and regulation.
View the full report here