According to EIC Monitor, the recovery in the global energy industry stalled in the final quarter of 2009. The Q4 2009 report reveals that the number of new projects is down across all sectors. There have been modest improvements in total project value in the renewables, upstream and midstream sectors, while the power and downstream sectors have lost ground since the previous quarter.
EIC Monitor tracks over 7,500 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, the total number and value of new projects is down on the previous quarter and similar to results from Q4 2008. In Q4 2009, there were 335 new projects across the global energy supply chain with a total value of US$313Bn, compared to 462 in Q3 2009 totalling US$360bn and 340 new projects in Q4 2008 worth US$312Bn.
96 new renewables projects
Nonetheless, the renewables sector has faired better than most, with renewable energy projects represening the largest segment of new projects by value in the industry this quarter, and are up by 30% this quarter.
Commenting on the EIC Monitor, Mike Major, CEO of the EIC said: “EIC Monitor shows a mixed bag of results across the global energy industry this quarter. While overall this represents a slightly disappointing ending to the year given that the previous quarter showed more positive signs of recovery, the outlook is encouraging for the energy supply chain given that the global economy is poised for recovery in 2010.”
There have been 96 new projects in the renewables sector totalling US$119Bn, with a total capacity of 23GWe in Q4 2009. In comparison there were 109 new projects totalling US$92Bn, with a total capacity of 29GWe in Q3 2009.
The most significant project this quarter is the future Desertec solar power project in Algeria valued at US$50Bn. Another notable project is the proposed Great Lakes offshore wind farm in Ontario, Canada valued at US$20Bn for 4.4GWe.
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