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| Oil Companies Are Collapsing, but Wind and Solar Energy Keep Growing | Oil Companies Are Collapsing, but Wind and Solar Energy Keep Growing |
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| A few years ago, the kind of double-digit drop in oil and gas prices the world is experiencing now because of the coronavirus pandemic might have increased the use of fossil fuels and hurt renewable energy sources like wind and solar farms. | A few years ago, the kind of double-digit drop in oil and gas prices the world is experiencing now because of the coronavirus pandemic might have increased the use of fossil fuels and hurt renewable energy sources like wind and solar farms. |
| That is not happening. | That is not happening. |
| In fact, renewable energy sources are set to account for nearly 21 percent of the electricity the United States uses for the first time this year, up from about 18 percent last year and 10 percent in 2010, according to one forecast published last week. And while work on some solar and wind projects has been delayed by the outbreak, industry executives and analysts expect the renewable business to continue growing in 2020 and next year even as oil, gas and coal companies struggle financially or seek bankruptcy protection. | In fact, renewable energy sources are set to account for nearly 21 percent of the electricity the United States uses for the first time this year, up from about 18 percent last year and 10 percent in 2010, according to one forecast published last week. And while work on some solar and wind projects has been delayed by the outbreak, industry executives and analysts expect the renewable business to continue growing in 2020 and next year even as oil, gas and coal companies struggle financially or seek bankruptcy protection. |
| In many parts of the world, including California and Texas, wind turbines and solar panels now produce electricity more cheaply than natural gas and coal. That has made them attractive to electric utilities and investors alike. It also helps that while oil prices have been more than halved since the pandemic forced most state governments to order people to stay home, natural gas and coal prices have not dropped nearly as much. | In many parts of the world, including California and Texas, wind turbines and solar panels now produce electricity more cheaply than natural gas and coal. That has made them attractive to electric utilities and investors alike. It also helps that while oil prices have been more than halved since the pandemic forced most state governments to order people to stay home, natural gas and coal prices have not dropped nearly as much. |
| Even the decline in electricity use in recent weeks as businesses halted operations could help renewables, according to analysts at Raymond James & Associates. That’s because utilities, as revenue suffers, will try to get more electricity from wind and solar farms, which cost little to operate, and less from power plants fueled by fossil fuels. | Even the decline in electricity use in recent weeks as businesses halted operations could help renewables, according to analysts at Raymond James & Associates. That’s because utilities, as revenue suffers, will try to get more electricity from wind and solar farms, which cost little to operate, and less from power plants fueled by fossil fuels. |
| “Renewables are on a growth trajectory today that I think isn’t going to be set back long term,” said Dan Reicher, the founding executive director of the Steyer-Taylor Center for Energy Policy and Finance at Stanford University and an assistant energy secretary in the Clinton administration. “This will be a bump in the road.” | “Renewables are on a growth trajectory today that I think isn’t going to be set back long term,” said Dan Reicher, the founding executive director of the Steyer-Taylor Center for Energy Policy and Finance at Stanford University and an assistant energy secretary in the Clinton administration. “This will be a bump in the road.” |
| Of course, the economic slowdown caused by the fight against the coronavirus is taking a toll on parts of the renewable energy industry just as it is on the rest of the economy. Businesses that until recently were adding workers are laying people off and putting off investments. Among the hardest hit are smaller companies that sell solar panels for rooftops. Their orders have dropped steeply as customers put off installations to avoid possible contact with the virus. | Of course, the economic slowdown caused by the fight against the coronavirus is taking a toll on parts of the renewable energy industry just as it is on the rest of the economy. Businesses that until recently were adding workers are laying people off and putting off investments. Among the hardest hit are smaller companies that sell solar panels for rooftops. Their orders have dropped steeply as customers put off installations to avoid possible contact with the virus. |
| Luminalt, a solar and electricity storage company based in San Francisco that employs 42 people, recently told most of its installers to seek unemployment benefits as the company’s residential jobs — normally six a week — have all but evaporated. Jeanine Cotter, Luminalt’s chief executive, told workers that the company would cover their benefits but that there was no money coming in to pay all of them. | Luminalt, a solar and electricity storage company based in San Francisco that employs 42 people, recently told most of its installers to seek unemployment benefits as the company’s residential jobs — normally six a week — have all but evaporated. Jeanine Cotter, Luminalt’s chief executive, told workers that the company would cover their benefits but that there was no money coming in to pay all of them. |
| A half-dozen employees are installing solar at an affordable-housing project that has kept them working, and some who handle business operations are working from home. But Ms. Cotter worries about some installers who joined the company through San Francisco’s work force development program and depend on weekly paychecks to make ends meet. | A half-dozen employees are installing solar at an affordable-housing project that has kept them working, and some who handle business operations are working from home. But Ms. Cotter worries about some installers who joined the company through San Francisco’s work force development program and depend on weekly paychecks to make ends meet. |
| “Revenue has stopped,” said Ms. Cotter, who helped found the business 15 years ago. “It’s very confusing right now.” | “Revenue has stopped,” said Ms. Cotter, who helped found the business 15 years ago. “It’s very confusing right now.” |
| The Solar Energy Industries Association, a trade group, estimates that half of the 250,000 workers in the industry could lose their jobs at least temporarily because of the coronavirus outbreak. The association has downgraded projected growth by as much as one-third of the more than 19 gigawatts of new solar capacity that was expected this year. | The Solar Energy Industries Association, a trade group, estimates that half of the 250,000 workers in the industry could lose their jobs at least temporarily because of the coronavirus outbreak. The association has downgraded projected growth by as much as one-third of the more than 19 gigawatts of new solar capacity that was expected this year. |
| But independent experts, including Wood Mackenzie, an energy research and consulting firm, say those projections could be overly pessimistic. “It’s still too early to call,” Ravi Manghani, head of solar at research at Wood Mackenzie. “The situation is changing on a daily basis.” | But independent experts, including Wood Mackenzie, an energy research and consulting firm, say those projections could be overly pessimistic. “It’s still too early to call,” Ravi Manghani, head of solar at research at Wood Mackenzie. “The situation is changing on a daily basis.” |
| His firm estimates that solar and wind power will continue adding capacity this year and next. New wind installations might be down only about 3 percent from earlier projections, largely because wind turbines are typically erected outside urban areas, and many states have deemed construction an essential activity during the pandemic. | His firm estimates that solar and wind power will continue adding capacity this year and next. New wind installations might be down only about 3 percent from earlier projections, largely because wind turbines are typically erected outside urban areas, and many states have deemed construction an essential activity during the pandemic. |
| In a report last week, Raymond James analysts estimated that renewable energy sources would provide 20.7 percent of the nation’s electricity this year and at least 20 percent through 2022. | In a report last week, Raymond James analysts estimated that renewable energy sources would provide 20.7 percent of the nation’s electricity this year and at least 20 percent through 2022. |
| Although hydroelectric plants have long helped power homes and businesses, solar and wind power emerged as major energy sources only over the last 15 years or so. A sharp drop in the price of solar panels has helped the industry expand. Last year, solar capacity increased 23 percent from the year before. It added 13.3 gigawatts, exceeding new wind and natural-gas generation, according to industry data. | Although hydroelectric plants have long helped power homes and businesses, solar and wind power emerged as major energy sources only over the last 15 years or so. A sharp drop in the price of solar panels has helped the industry expand. Last year, solar capacity increased 23 percent from the year before. It added 13.3 gigawatts, exceeding new wind and natural-gas generation, according to industry data. |
| “We blew through all of the projections,” said Caton Fenz, chief executive of ConnectGen, a wind, solar and electricity-storage developer based in Houston. “We’re surfing a long-term wave,” he said. “We just can’t get specific things done because of the pandemic, but I don’t think that affects the broader trajectory.” | “We blew through all of the projections,” said Caton Fenz, chief executive of ConnectGen, a wind, solar and electricity-storage developer based in Houston. “We’re surfing a long-term wave,” he said. “We just can’t get specific things done because of the pandemic, but I don’t think that affects the broader trajectory.” |
| His company, which is 22 months old, has 3,000 megawatts — the equivalent of three large power plants — under development in 11 states. About 40 percent is wind projects, 40 percent solar and the rest electricity storage. | His company, which is 22 months old, has 3,000 megawatts — the equivalent of three large power plants — under development in 11 states. About 40 percent is wind projects, 40 percent solar and the rest electricity storage. |
| Among the company’s backers is 547 Energy, an investment firm that specializes in renewable energy. Gabriel Alonso, who runs 547 Energy, said his firm received its funding from Quantum Energy Partners, which had long been an investor in oil and natural gas. | Among the company’s backers is 547 Energy, an investment firm that specializes in renewable energy. Gabriel Alonso, who runs 547 Energy, said his firm received its funding from Quantum Energy Partners, which had long been an investor in oil and natural gas. |
| “As an investor in clean energy, renewable energy, the fundamentals that drove us to invest have not changed,” Mr. Alonso said. | “As an investor in clean energy, renewable energy, the fundamentals that drove us to invest have not changed,” Mr. Alonso said. |
| Even as the pandemic spread, Mr. Alonso’s company won a bid last week for part of a new electricity project in Greece. His company will develop a wind farm in the northern regions of Imathia and Kozani. The auction, on Thursday, was part of a larger effort by Greece to retire fossil fuel plants and replace them with renewables. | Even as the pandemic spread, Mr. Alonso’s company won a bid last week for part of a new electricity project in Greece. His company will develop a wind farm in the northern regions of Imathia and Kozani. The auction, on Thursday, was part of a larger effort by Greece to retire fossil fuel plants and replace them with renewables. |
| Updated June 30, 2020 | |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | |
| Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles. | Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles. |
| A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. |
| The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| Many renewable companies have projects around the world and have benefited from government efforts to address climate change. That has helped drive down costs of wind and solar equipment and made the industry more resilient to economic swings. | Many renewable companies have projects around the world and have benefited from government efforts to address climate change. That has helped drive down costs of wind and solar equipment and made the industry more resilient to economic swings. |
| In addition, because developers can build wind and solar farms more quickly than natural-gas, coal and nuclear plants, Mr. Alonso said, the renewables have become more attractive financially. In difficult economic times like these, he said, private equity investors like Quantum are eager to seize on businesses that can quickly scale up and start earning money. | In addition, because developers can build wind and solar farms more quickly than natural-gas, coal and nuclear plants, Mr. Alonso said, the renewables have become more attractive financially. In difficult economic times like these, he said, private equity investors like Quantum are eager to seize on businesses that can quickly scale up and start earning money. |
| That said, solar businesses in particular are worried that the disruptions caused by the pandemic are serious enough that they are seeking help from Congress. Lobbyists for renewable energy are asking lawmakers to make it easier for their industry to take advantage of tax credits the government provides for wind and solar power. | That said, solar businesses in particular are worried that the disruptions caused by the pandemic are serious enough that they are seeking help from Congress. Lobbyists for renewable energy are asking lawmakers to make it easier for their industry to take advantage of tax credits the government provides for wind and solar power. |
| Developers usually enter into partnerships with banks and other financial institutions that can more efficiently make use of the tax credits than the contractors building renewable energy projects. The banks receive the tax credit and a share of the cash flow from the project typically for six to 10 years. | Developers usually enter into partnerships with banks and other financial institutions that can more efficiently make use of the tax credits than the contractors building renewable energy projects. The banks receive the tax credit and a share of the cash flow from the project typically for six to 10 years. |
| But because demand for loans has shot up as businesses across the economy struggle, banks have been less able to finance new projects, said Josh Goldstein, chief operating officer at 8minute Solar Energy, a developer of large solar farms. Solar and wind industry officials want Congress to streamline the process for obtaining tax credits and make the credits refundable so that their businesses could benefit directly. | But because demand for loans has shot up as businesses across the economy struggle, banks have been less able to finance new projects, said Josh Goldstein, chief operating officer at 8minute Solar Energy, a developer of large solar farms. Solar and wind industry officials want Congress to streamline the process for obtaining tax credits and make the credits refundable so that their businesses could benefit directly. |
| “Their credit committees are in crisis mode,” Mr. Goldstein said about banks. “This disruption can have a particularly damaging effect.” | “Their credit committees are in crisis mode,” Mr. Goldstein said about banks. “This disruption can have a particularly damaging effect.” |
| 8minute Solar was recently forced to suspend work on the Lotus Solar Project, a 67-megawatt solar farm north of Fresno, Calif., that it is building for Allianz Global Investors. Officials said it was unclear whether the work, which employed about 50 people, was considered “essential.” | 8minute Solar was recently forced to suspend work on the Lotus Solar Project, a 67-megawatt solar farm north of Fresno, Calif., that it is building for Allianz Global Investors. Officials said it was unclear whether the work, which employed about 50 people, was considered “essential.” |
| But the Department of Homeland Security included electricity production on its list of essential activities last month, affirming legal advice that 8minute had received, and the company sent workers back to finish construction. | But the Department of Homeland Security included electricity production on its list of essential activities last month, affirming legal advice that 8minute had received, and the company sent workers back to finish construction. |
| The solar industry expected to add more panels in 2020 than in any other previous year, said Abigail Hopper, president of the Solar Energy Industries Association. That won’t happen now, but the industry is still poised to add capacity. | The solar industry expected to add more panels in 2020 than in any other previous year, said Abigail Hopper, president of the Solar Energy Industries Association. That won’t happen now, but the industry is still poised to add capacity. |
| “We believe, over the long run, we are well positioned to outcompete incumbent generators,” Ms. Hopper said. | “We believe, over the long run, we are well positioned to outcompete incumbent generators,” Ms. Hopper said. |