EIC monitor reports newly announced projects across the global energy supply chain. The Q1 (January – March 2010) report reveals that the number of new projects has increased across all sectors apart from a slight decrease in the power generation sector. There are reasonable improvements in total project value in the upstream and power sectors, significant increases in the downstream and renewables sectors, while the midstream sector has lost ground since the previous quarter.
EIC Monitor tracks over 7,800 active and future projects in the global energy industry and provides an industry barometer, broken down into oil and gas (downstream, midstream, upstream), nuclear and conventional power and the renewables sectors. Data is analysed by the number and value of new, active and proposed projects recorded by the EIC each quarter.
Overall this quarter, the total number and value of new projects has increased significantly on the previous quarter and on the same quarter, Q1 2009. In Q1 2010 there were 422 new projects across the global energy supply chain with an estimated total value of $503Bn, compared to 353 in Q4 2009 totalling $273bn and 326 new projects in Q1 2009 worth $292Bn.
Renewable energy projects represent the largest segment of new projects by value in the industry this quarter, and are up by over 200% this quarter. This is largely due to the emergence of individual projects in UK Round 3 Offshore Wind valued at approximately $150Bn in total.
“EIC Monitor shows some encouraging signs across the global energy industry this quarter. This represents a positive start to the year, improving on the previous quarter and provides further confidence for the energy supply chain. In particular, the renewables sector continues to go from strength to strength,” commented Mike Major, CEO of the EIC.
There have been 121 new projects in the renewables sector totalling $224Bn in Q1 2010, which compares favourably to the 104 new projects totalling $71Bn in Q4 2009, and double the new projects in Q1 2009.
Growth in new renewables projects this quarter is driven by the UK, with nine UK based Round 3 offshore wind schemes totalling a combined value of $150Bn with an installed capacity of 25GW being approved.
EIC Monitor is published on a quarterly basis. The next report will be available in July 2010.
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