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Bloomberg
The closures of schools, factories and offices to prevent spread of the coronavirus will “profoundly impact†the US power sector, according to BloombergNEF.
Already in New York, electricity use dropped about 7% during the week ending on March 25, and prices are down about 10% as the state has ordered nonessential businesses to close, BNEF said in a report. Demand and power prices are also down in California and New England.
“There are clear demand trends in New York, New England and California, but it hasn’t hit the Midwest or Texas,†Josh Danial, an analyst at Bloomberg-NEF, said in an interview. “That was a surprise to us.â€
Expansion of work-from-home and travel restrictions in other regions will likely have a greater impact on power demand in coming weeks, he said. For now, demand in Texas and the Midwest is up slightly, Danial said.