Power Transmission in Europe Outlook Update Q2 2020

The uncertain around the impact of force majeure is likely to stay till Q2 2020 and dampen the commissioning of fresh capacity addition in power transmission segment in Europe with major addition expected from United Kingdom, Italy, Spain and Germany.

The pandemic COVID-19 is estimated to impact 40-45% of the total transmission capacity additions in Europe in Q1 2020. The uncertain around the impact of force majeure is likely to stay till Q2 2020 and dampen the commissioning of fresh capacity. However, the market is likely to rebound in later half of the year 2020 and likely to complete the 70-80% of the said target of commissioning power transmission projects in Europe. For example, the Italy-France interconnector that was likely to be operational in first half of 2020 is likely to be pushed to be pushed to later half amidst the uncertainty around the virus. Also, 2019 saw the largest offshore wind auction of 12 GW in Europe with United Kingdom awarded highest ever contract of 5.5 GW of capacity including grid-connection which is expected to be commissioned within 2022. However, amidst the outbreak, the fresh investment in new power transmission corridor is likely to slow down and impact new fresh capacity addition in Europe.

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Key Trends

• COVID-19 to have an impact on fresh investments in power transmission in Europe, commissioning of new power transmission lines to be severely affected. For example, the Italy-France interconnector that was likely to be operational in first half of 2020 is likely to be pushed to be pushed to later half amidst the uncertainty around the virus.
• With European market is looking for expanding the renewable capacity into the power generation mix with majority of countries targeting more than 50% of the power generation through renewable resource by 2030, the transmission operators are going for modernisation of power grid for effective integration of the renewable capacity.

Key Investments

• The development plan of Italy focuses on creating new power lines and rationalizing grid portions in heavily developed areas, the coastline of the Marche region and industrial zones with estimated investment planned worth USD 15 Billion
• Terna signed an agreement for research, technological development and innovation of the Italian national electricity system infrastructure. Specifically, the projects will focus on the following areas: edge computing/distributed computing for collecting and analysing data in real time; advanced services for electricity infrastructure, information security; digital technology; and additive manufacturing.

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