Renewable energy is a major contributing sector to the growth of Sweden economy. As per the Eurostat, Sweden held the largest share of 54.6% in the EU renewable energy, followed by Finland (41.2%) and Latvia (40.3%) in 2018. Apart from their extensive utilization of hydropower, the forestry resources have made the countrywith potential share in EU renewable energy for production of heat and power. Petrol stations of a certain size in the countryoffers alternative fuels, including ethanol which contributes tothe significant availability of renewable transport fuels, and the countryhas themajor biofuel-burning fleet of cars in Europe. In 2015, the Sweden government pledged to go free from fossil fuel by 2050. As a result, the production of energy from renewable sources has increased significantly in the country. The major renewable energy companies in Sweden include Vattenfall AB, Sidensjö Vindkraft AB, and Fortum Sverige AB. The production of renewable energy may affect in the country due to the global supply chain disruptions amid COVID-19 impact. The OMR report titled “Impact of COVID-19 on Sweden Economy” has provided the pre and post COVID-19impact along with industry verticals analysis. Multiple authentic sources are used to properly estimate the effect of the outbreak on Sweden economy and values are derived accordingly.
Decline in new renewable energy deals amid COVID-19 outbreak
The energycompanies are taking precautionary measures to protect their workforce from Coronavirus pandemic. For instance, on 3rd April 2020, Vattenfall AB declared that it is not participating in the tender of 700-MW for the offshore wind zone, Hollandse Kust Noord in Dutch waters as a result of theCOVID-19 epidemic. Thecompany iscautiouslyassessing their risk-reward balance against the rest of its continuous projects and potential pipelinein thelight of the COVID-19 effect. As a result, the company decided that it will not participate in the Hollandse Kust Noord deal. The company has stated that it needs to focus on core operations including electricity generation and delivering current projects. The losing tenders may have a significant impact on the profitability of the company, which in turn, will affect the Sweden renewable energy sector.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-sweden-economy
The Report Covers
- Historical market growth estimation of the Sweden economy excluding COVID-19 pandemic effect
- Deviations in the Sweden economy growth rate due to COVID-19 pandemic
Verticals Affected Most
- Automobile
- Energy
- Machinery
- Healthcare
- Metal
- Others (Retail and IT and Telecom)
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/impact-of-covid-19-on-sweden-economy
Company Profiles
- AB Volvo
- ABB Ltd.
- Boliden AB
- Breas Medical AB
- Getinge AB
- Hennes & Mauritz AB
- Lundin Energy AB
- Recipharm AB
- Sandvik AB
- SSAB AB
