In its latest analysis of global capacity expansion, issued on Oct. 15, Bank of America Merrill Lynch says industry is “likely past the bottom in 2010,” but that economic recovery in 2011 “remains relatively muted.” The report notes that the positive capacity projections in the federal government and global metals and mining sectors “continue to surprise” and that the outlook in industral production is “better than expected.” But its analysis expects “little change” in global oil and gas sector capacity expectations despite oil pricing at steady levels through 2010. Furthermore, the analysts say U.S. power generation may also remain “dormant,” impacted by weak demand growth and regulatory uncertainty.