Almost a third of energy executives are confident that the sector’s demand will see a full recovery this year.
A new report by the European Bank for Reconstruction and Development (EBRD) shows a further 45% of seniors in the energy industry predict the demand will recover by the end of 2022 and more than 90% estimate complete recovery will come by the end of 2023.
According to the International Energy Agency’s figures, energy demand fell by 5% worldwide in 2020.
Policymakers and experts in 32 countries who participated in the EBRD survey, say energy investment was the hardest hit by the Covid-19 emergency spending.
That resulted in delays in investments in generation and network maintenance in ways that in certain countries could damage the future resilience of the sector.
More than half of Energy Chiefs suggest their country will focus more on clean energy transition.
The majority also admit a grid modernisation, digitalisation and more investments in renewables should be among the top priorities post-Covid.