WASHINGTON -- Several major U.S. utilities have told Reuters they are halting or deferring maintenance because the work is not possible under social distancing restrictions. The work can be safely put off in part because coronavirus lockdowns have cut power demand, the utilities say. However, maintenance deferrals do not pose an immediate risk to electricity supplies since lower demand cuts strain on equipment. New York City power demand is down by 21 percent, on average while California’s demand fell as much as 7 percent during peaks since stay-at-home orders took effect last month
GE is likely to be particularly affected by the COVID-19 pandemic since the revenue from maintaining power plants is increasingly important for the company now that it has slimmed down to aviation, power equipment, and medical devices. Wall Street’s concerns have focused on GE's aviation business, but the impact of COVID-19 on its revenue from long-term service contracts is endangered.