Sweeping Changes in the Energy Industry Fuel Global Economies, 12-1-2006
Ever since Colonel Drake drilled the first true oil well in the state of Pennsylvania in 1859, the ability of oil and natural gas to power electric generation plants, transportation, homes and industry has created both immense economic advances and significant controversy. There is an increased global focus today on energy as a societal, sociopolitical and strategic resource. In addition, there is a greater focus than ever before on the impact of energy consumption on the environment. As a result, the industry has been undergoing significant changes, which are detailed in full in a recent report put out by Plunkett Research, Ltd. A few examples of these changes include:
- The Continuing Deregulation of the American Utilities Industry.
Sweeping changes in the industry have occurred at a rapid rate since FERC's deregulation orders. Additional deregulation, and choice of suppliers for consumers, began to take hold on a state-by-state basis. Meanwhile, utility companies have been merging.
- Power Plant Construction Booms in India and China.
India has long been plagued by power shortages. About 56.5% of the population is without any kind of electricity at all. Power companies have avoided the building of new facilities, fearing non-payment by the strapped state electricity boards. However, this started to change in 2005. India's federal government, led by Prime Minister Manmohan Singh, has promised electrical access to all Indians by 2012.
- The World is Desperate for New Refineries.
Rapidly growing demand for refined products in booming nations such as India and China is creating more need for refineries. The world consumes in excess of 83 million barrels of oil a day, according to the Paris-based International Energy Agency. As a result, refineries are operating at near-maximum level. Long-range refinery planning and development is crucial to global markets.
To find out more about these exciting trends and more, check out Plunkett's Energy Industry Almanac 2007, just released, or go to www.plunkettresearch.com and sign up for a subscription to Plunkett's completely up-to-date online database!
About Plunkett Research, Ltd.
Plunkett Research, Ltd. is a leading publisher of complete business research and analysis resources, designed to enable professionals in marketing, research and finance to access complete trends analysis, statistics, technology analysis and financial analysis of the world's most exciting industries. For more information, visit www.plunkettresearch.com, or call 713.932.0000.