Five years later: the pandemic's energy legacy

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Mar 21, 2025

Five years post-pandemic, energy markets reveal surprising shifts. The lockdowns sparked a boom in renewables while urban life evolved without the predicted demise of cities. Data centers emerged as major energy players, reshaping consumption and digital connectivity. The contrasting U.S. and EU policy responses highlighted challenges and opportunities in clean energy investment. As fossil fuel volatility continued, the pandemic underscored the appeal of zero-fuel-cost solutions, driving a transformation in both market dynamics and energy strategies.

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ANECDOTE

House Guests

Jigar Shah had house guests from New York seeking refuge in Maryland during the pandemic's start.
They left as soon as the severity of the pandemic became clear.

ANECDOTE

Office Mates

Catherine Hamilton and her husband worked from home during the pandemic, initially sharing a workspace.
They eventually separated their offices to different floors.

ANECDOTE

Elk Meat Mishap

Stephen Lacey bought 20 pounds of elk meat during the pandemic.
His dog developed an elk meat allergy, leaving him with inedible meat.

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Five years ago, as lockdowns swept the globe, we witnessed an energy shock that destroyed oil demand, upended electricity demand patterns, and dropped global emissions by staggering levels overnight.

In this episode of Open Circuit, we revisit predictions made during those early uncertain days and examine three major paradoxes that emerged.

First, how staying home rewired our physical and digital lives in ways that created surprising energy impacts. While transportation emissions initially plummeted, the widely predicted "death of cities" never materialized. Instead, we saw a complex reshuffling of urban populations, longer but less frequent commutes, and a data center boom that transformed tech companies into sophisticated energy players.

Then we explore how renewables defied expectations, growing 45% in 2020 despite supply chain chaos and project delays. As oil prices whipsawed, the volatility demonstrated the appeal of zero-fuel-cost clean energy, sparking the biggest investment boom in history. Yet public renewable companies have since been hammered in markets, revealing a disconnect between deployment reality and investor sentiment.

Finally, we analyze how the pandemic fractured the global policy response. While the EU embedded climate into its recovery, the US passed landmark clean energy legislation, and China accelerated both renewables and coal, the crisis also sparked deeper resistance to government intervention that continues to shape politics worldwide. Will the massive investments in decarbonization outweigh the policy whiplash we're now seeing?

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Open Circuit is brought to you by On.Energy. As one of the fastest-growing battery storage IPPs, On.Energy delivers turnkey resiliency solutions for utilities and enterprise customers. Whether you’re managing data centers or local grids, we help bring storage to your fleet. Learn more at on.energy.

Credits: Co-hosted by Stephen Lacey, Jigar Shah, and Katherine Hamilton. Produced and edited by Stephen Lacey. Original music and engineering by Sean Marquand.