Power Industry Wakes Up to Green Power

Group Veritas finished a year-long investigation of the growing Green Power market, publishing the results in their report “The Mainstreaming of Green Power.” Their research indicates the green power market could exceed US$10 billion in revenues by 2013, offering an especially effective solution to volatile energy prices.

Beverly, Massachusetts – September 15, 2004 [SolarAccess.com] The group said the power industry is waking up to “the significant financial bonanza” associated with the fast growing demand for Green Power, driving jobs for wind turbine manufacturers, and profits for many companies involved in designing, developing and deploying cost effective wind power projects. Among Veritas’ principal findings, green power sales in the form of renewable energy certificates (RECs), or green tags, have been particularly strong. The number of customers purchasing green power is growing at an annualized compound rate of 31 percent per year over the last four years – one of the fastest growing markets in the United States today. Veritas found that as many as 1/3 of energy companies have green power programs, with some energy companies achieving customer participation rates in excess of 12 percent. The demand is going beyond providing a market for existing renewable energy projects, but also spurring development of new ones. Customer adoption rates are exceeding expectations in numerous markets, accelerating the financing and construction of additional renewable energy projects. Businesses have also grown increasingly attracted to the benefits of long-term rate stability available through renewable energy. “The mainstreaming of green power is the growth industry of the decade, with many industry players unfortunately being caught unprepared to take advantage of this monumental opportunity,” said Brad Bradshaw, President of Group Veritas. “The amount of energy produced from wind power, for example, has been growing in excess of 35 percent per year for each of the last four years. Well positioned companies that are focused on the upside are going to be reaping significant rewards for many years to come.” Group Veritas is a management consulting firm providing services in four areas: Growth Strategies; Marketing Strategy and Product Development; Mergers, Acquisitions and Partnering; and Finance. The complete report is available from Group Veritas.
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