Firms in the global power market have seen phenomenal change in the sector over the past four years, says Tim Gelbar, president of power and process in the Americas for London-based AMEC. While companies worldwide are still moving forward with plans to build coal, nuclear and gas powerplants, there has been a major slowdown in power work as the recession pushed global power consumption down 1.6% in 2009, the first time power consumption declined since 1981, according to the International Energy Agency (IEA). One exception is renewable power, which has been stimulated by a desire to reduce carbon-dioxide emissions, industry sources say.
“Projects led by Tier-2 or -3 developers with limited access to financing have been canceled, and baseload power development has largely dried up in Organisation for Economic Co-operation and Development [developed countries]. Even in the developing economies, fossil plants have been delayed. Bucking the trend have been nuclear programs, transmission and distribution and renewable projects,” says Mark Trueman, managing director, power, for Sydney, Australia-based WorleyParsons.