US and India “hotspots” for new power projects

United States and India are the biggest “hotspots” of activity in the power sector with new projects worth a potential $16billion (£) announced in the countries at the end of […]

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By Vicky Ellis

United States and India are the biggest “hotspots” of activity in the power sector with new projects worth a potential $16billion (£) announced in the countries at the end of 2012.

Norway’s proposed Carbon Capture and Storage (CCS) project at Mongstad – worth $3.7billion (£2.3bn) – was also significant new project.

In total 95 new projects in the power sector worth around $60bn (£38bn) were announced in the last quarter of 2012.

This seems like a drop in comparison with the previous three months when there were 110 new projects worth around $70bn (£44bn).

For the same three months at the end of 2011, there were 84 new projects but despite being less than 2012 they were worth nearly $20bn (£13bn) more.

The new figures come from a quarterly report by the trade group Energy Industries Council (EIC), which tracks at least 9,850 active and proposed projects in the global energy industry with its EIC Monitor.

The report suggests a “steady” stream of new energy projects around the world whether nuclear, renewables or oil and gas, with roughly the same number planned over 2012 versus the year before.

Neil Golding, Head of Business Information said: “Overall, the figures for 2012 indicate a steady trend in both the number of new project announcements and the total potential investment values, with the results for this quarter very similar to the figures we saw for the same quarter in 2011.”