Timetric’s Construction Intelligence Center (CIC) estimates that the major economies in the Americas will invest more than US$792 billion in power generation projects over the next few years. This will lead to a capacity increase of 380 GW. Of the countries analysed by CIC, the USA is forecast to invest the most, with projects valued at nearly US$388 billion. Canada comes in second place at US$90.3 billion and Brazil is third with US$90 billion.
In terms of power sectors, hydroelectric is estimated to have the highest value of projects planned at US$200 billion. Of the 13 countries analysed, Brazil leads the way in terms of hydroelectric power project value. Wind accounts for US$190 billion of the forecast US$792 billion, and nuclear is next with US$141.5 billion. Apart from hydroelectric and oil, the US heads each of the power generation sectors in terms of value.
“The Americas include the highly developed economies of the USA and Canada together with the developed but economically struggling economies of Argentina, Venezuela and Brazil and the developing Latin American countries. All need to balance low carbon power generation with immediate energy demands to sustain their economies,” explains Neil Martin, Manager at Timetric CIC. “Fossil fuel is being phased out for power generation in the region accounting for 18.5% of the value of projects in the planning pipeline. Renewables account for almost 64% of projects value, with hydroelectric and wind power leading in new power generation projects for the Americas.”
Adapted from press release by Louise Fordham