Foreword
W
elcome to this 10
th
anniversary edition of energy challenges. As the energy complex, and power
WorldPower – the annual publication dedicated sector in particular, produces 60% of global greenhouse gas
to research, technical articles and key market emissions, so its transformation must be a key part of any
intelligence and statistics on developments in the global strategy to reduce them.
power markets. Nothing less than an ‘energy revolution’ is necessary –
The provision of electric power is pivotal to the and possible given that current trends in energy supply and
functioning and development of the global economy. As demand are unsustainable. Without decisive action, energy
the world’s fastest growing energy resource requirement – related emissions of CO
2
will more than double by 2050
with demand expected to double by 2030 – electricity and increased oil demand will heighten concerns over the
defines the modern economy and economic progress. security of supplies. We can change the path we are now
An estimated investment requirement of up to US$14 on, but it will take a revolution with low-carbon
trillion (half of all energy sector investment) will be required technologies at its heart. The ‘low hanging fruit’ of energy
in electricity generation, transmission and distribution, efficiency measures needs to be complemented by decisive
with the global power sector needing up to 5,000 GW of action in renewables deployment, carbon capture and
new capacity to meet projected IEA increases. storage, nuclear power and new transport technologies,
Power markets are developed and sustained by a among others. This will require widespread adoption if we
plethora of industrial and service companies that keep are to reach emission reduction goals. Every major country
electrons running down wires to power the modern and and sector of the economy will be involved.
developing world. The way in which Developments in the power sector
this power is generated, distributed,
Nothing less than an
are pivotal to achieving this goal.
paid for, utilised, price risks managed,
waste products made safer, user
‘energy revolution’ is
WorldPower targets the key issues
associated with this mammoth task.
requirements economised and power necessary – and possible With economic stimulus packages
customers satisfied, are key elements now being adopted by many
addressed by WorldPower. Our focus is on developments in governments, now is perhaps a perfect time to start. This
market structures, regulation, power and energy trading, provides an excellent opportunity to ensure cleaner, more
risk management, and power systems development. sustainable growth in the energy sector by influencing both
The key requirement for governments and society now is short and longer-term investment.
to ensure green growth in a time of economic crisis. The WorldPower has once again brought together some of the
recent transformation of the economic landscape could not world’s key thinkers and energy specialists to highlight how
have been more profound and the rebuilding of our a more effective, cleaner, more efficient and competitive
financial and social systems, together with the mitigation power market can be developed. We hope you enjoy what
of potentially cataclysmic climate change, are the two we have to offer.
•
great challenges of our time that must be dealt with
simultaneously. We will eventually emerge from the
financial one – although the medicine will have to be
Our thanks again to those of you who have assisted us in
stronger and the recovery period much longer than many
bringing this critical marketplace into focus.
hope. But mistakes in managing the climate crisis will be
irreversible if our best scientists are correct. Regardless of
the causes of climate change we have within our power the
opportunity, vision and talent to put the Earth’s future on a
more sure footing.
The role of technology is critical here. Despite the severity
of the current economic crisis, it cannot be allowed to
Guy Isherwood,
distract us – as is being seen in many parts of the world –
Editor-in-Chief
from addressing critical and strategic climate change and
E:
gish@commodities-now.com
worldPower 2009 1
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