Power Generation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020

One of the key objectives of the electric power industry is the attraction of investment for more effective generation and transmission activities. The objective requires investment that can be made on the basis of new advanced processes of generation and transmission. These involves technology of power generation and transmission, expansion of network, methods of decision making on the generation and transmission network; use of state regulation and market mechanisms for attraction of investment; improvement of surplus generation for effective electricity market operations etc.

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In a liberalized environment numerous variants of the electric power industry structure are possible. These variants determine the specific features of the problems of electric power system (EPS) expansion planning. Complexity and multi-dimensionality of the current extended EPS, plurality of variants, availability of different preferences in decision choice all make it impossible to solve the EPS expansion problem.

The general problem faced by EPS expansion planning can be further divided into three groups: the state strategies and programs for the development of the power industry; strategic plans for the development of power supply companies and investment projects of electric power installations.

In the restructured power industry, there is no central planning for the new generation capacity additions and no guarantee is made for recovery of generation investment. On the other side, generation companies do not have any commitment for ensuring sufficient supply of electricity nowadays and in the future. Each and every generation company makes its own independent assessments of the profitability of new generation projects, as for any other industrial investments. Since electricity markets are more adapted to oligopoly rather than perfect competition, there exists strong entry barriers and the supply tends to be less than the optimal demand. Hence, it is a matter of concern how adequate generation capacity can be secured in the long run under the electricity market environment.

Investment on new generation capacity additions is a risky activity and is expected to become more prudent under the de-regulated electricity market environment. This is because investors are keen in short term investments and are reluctant to invest in generation capacity which requires large investment and long recovery period and has increasing uncertainties on load variation, restructuring policy. Investors are expected to spend a considerable amount of time and effort in analyzing the interaction between investment and the decentralized decisions by participants. In carrying out a generation investment decision, expectations regarding future electricity demand, variations of regulatory policies, spot market prices as well as the financial status are major considerations. The locations, timing and capacities of new power plants are basically at the discretion of the generation companies although an indicative generation planning can be provided by the regulator to monitor and guide the investment and planning.

Growing population and emerging economies are some of the key drivers of the power generation market. However, high cost required to carry out maintenance activities can hamper the growth of the market. Large opportunities are there for power generation market as demand for electricity is increasing at a healthy rate in Asia Pacific countries especially India and China.

Some of the key companies in the business of power generation market are Alstom SA, ABB, The AES Corporation, John Wood Group PLC, Siemens AG and Wartsila among others.

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