The COVID-19 Pandemic: Energy Market Disruptions and Resilience

Abstract

Direct risks and indirect effects from the COVID-19 pandemic have impacted the operations and resilience of global energy markets. This article considers several aspects of the impacts and responses of these markets as well as energy sector resilience. All major energy markets have been affected, with unprecedented decreases in oil and natural gas demand, alongside operational stress for electric systems. Construction, maintenance, and operations in the industry face personnel constraints and limitations. Meanwhile, the disruptions from public health measures have tested the market’s abilities to reliably manage severe demand destruction. Moving forward, there is a need to include demand shocks within energy resilience planning frameworks, and to prepare for multiple concurrent crises.

Keywords

• energy market
• global energy
• energy resilience
• pandemic energy impacts