Welcome to this 10th anniversary edition of WorldPower – the annual publication dedicated to research, technical articles and key market intelligence and statistics on developments in the global power markets.

The provision of electric power is pivotal to the functioning and development of the global economy. As the world’s fastest growing energy resource requirement – with demand expected to double by 2030 – electricity defines the modern economy and economic progress.

An estimated investment requirement of up to US$14 trillion (half of all energy sector investment) will be required in electricity generation, transmission and distribution, with the global power sector needing up to 5,000 GW of new capacity to meet projected IEA increases.

Power markets are developed and sustained by a plethora of industrial and service companies that keep electrons running down wires to power the modern and developing world. The way in which this power is generated, distributed, paid for, utilised, price risks managed, waste products made safer, user requirements economised and power customers satisfied, are key elements addressed by WorldPower. Our focus is on developments in market structures, regulation, power and energy trading, risk management, and power systems development.The key requirement for governments and society now is to ensure green growth in a time of economic crisis. We will eventually emerge from the financial one, 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 distract us – as is being seen in many parts of the world – from addressing critical and strategic climate change and energy challenges. As the energy complex, and power sector in particular, produces 60% of global greenhouse gas emissions, so its transformation must be a key part of any strategy to reduce them.

Nothing less than an ‘energy revolution’ is necessary – and possible given that current trends in energy supply and demand are unsustainable. Without decisive action, energy related emissions of CO2 will more than double by 2050 and increased oil demand will heighten concerns over the security of supplies. We can change the path we are now on, but it will take a revolution with low-carbon technologies at its heart. The ‘low hanging fruit’ of energy efficiency measures needs to be complemented by decisive action in renewables deployment, carbon capture and storage, nuclear power and new transport technologies, among others. This will require widespread adoption if we are to reach emission reduction goals. Every major country and sector of the economy will be involved.

Developments in the power sector are pivotal to achieving this goal. WorldPower targets the key issues associated with this mammoth task. With economic stimulus packages now being adopted by many governments, now is perhaps a perfect time to start. This provides an excellent opportunity to ensure cleaner, more sustainable growth in the energy sector by influencing both short and longer-term investment.WorldPower has once again brought together some of the world’s key thinkers and energy specialists to highlight how a more effective, cleaner, more efficient and competitive power market can be developed. We hope you enjoy what we have to offer.

Guy Isherwood,
Editor-in-Chief, WorldPower 2009