The global energy industry is showing some green shoots of recovering according to the EIC Monitor, a new quarterly report from the EIC, the leading trade association for UK companies that supply capital goods and services to the energy industries worldwide.

The report reveals tentative signs of recovery in the renewables and power sectors. The downstream sector has reached a plateau while the midstream and upstream sectors are still showing signs of economic volatility.

EIC Monitor tracks more than 7,000 projects in the global energy industry and provides an industry barometer, broken down into downstream, midstream, upstream, power and the renewables sectors. Data is analysed by the number, value and, where appropriate, capacity of new active and proposed projects recorded by the EIC each quarter.

Mike Major, CEO of the EIC said, "Encouragingly, a few green shoots of recovery have begun to appear in the renewable energy and power sectors. All the key drivers of the renewable energy industry remain - climate change, the need to make energy supplies more secure, fossil fuel depletion and new technologies. With oil prices now rising, the sector should continue to grow as projects become more economically viable."

"The power sector is beginning to slowly bounce back too with more money being invested in new projects this quarter. The question is whether these green shoots will turn into a sustained recovery. EIC Monitor brings hope to the industry that things are starting to look more positive," added Mike Major.

Tags: The EIC