EIC, the leading trade association for UK companies that supply capital goods and services to the energy industries worldwide, has published its third quarter (July-September 2009) report showing that the world power sector is making a strong recovery from the recession, while the renewable energy and downstream sectors are also showing strong growth.
EIC Monitor tracks the 7,500 most important 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, value and, where appropriate, capacity of new, active and proposed projects recorded by the EIC each quarter.
Overall this quarter, there have been 462 new projects across the global energy supply chain with a total value of $360 billion, compared to 325 in Q2 2009 totalling $238 billion and 439 new projects in Q3 2008 worth $575 billion.
Commenting on the EIC Monitor, Mike Major, CEO of the EIC said: “It is good to see that all sectors across the energy supply chain are now showing signs of a sustained recovery. Last quarter we saw the first green shoots of recovery in the renewable energy and power sectors and these are continuing to lead the way again this quarter, boosted by a growing commitment from government and industry to cleaner and more secure energy supplies.”
Renewables healthy
Renewable energy projects are continuing their rise in prominence, up for the third successive quarter in terms of number, value and capacity of new projects.
There have been 109 new projects in the renewables sector totalling $92 billion, with a total capacity of 29 GWe in Q3 2009. The value of new projects is up 38% this quarter.
The main new high value projects this quarter are a 7 GWe hydroelectric project in Pakistan worth $15 billion, and a proposed 2 GWe offshore wind farm in the UK worth $10 billion.
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