Market Trends of Equatorial Guinea Power Industry
This section covers the major market trends shaping the Equatorial Guinea Power Market according to our research experts:
Hydro Power to Dominate the Market
- Hydro Power is the power that is generated from the flow of water and converted into electrical energy. As of 2019, hydropower accounted for around 32.5% of power generation capacity in the country. With the addition of new hydropower projects, it is expected to continue to dominate the market during the forecast period.
- In 2019, the 200 MW Sendje project is being constructed on the Wele river in Equatorial Guinea. When completed, the project is expected to be the largest among all the country's generating installations, and its 63 m-high concrete dams will be among the highest in Africa.
- In 2018, the completion of the Djibloho hydropower plant by Power Construction Corporation of China in Equatorial Guinea was expected to create a capacity of approximately 120-MW in the country. It is the largest hydropower plant of its kind in the country.
- Therefore, it is likely that hydropower is expected to dominate the Equatorial Guinea power market in the forecast period.
Understand The Key Trends Shaping This Market
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Increasing Investments to Drive the Market
- An increase in investment and rising consumption in the country are expected to provide growth in the market. Although the country heavily relies on the oil and gas sector, many new renewable power projects are underway.
- The electricity access to the country's population has increased slightly from 66.04% in 2014 to 67.03 % in 2018. However, the government plans to increase the utility grid coverage, which is expected to provide growth to the power market.
- In 2018, Wartsila Oyj Abp was awarded a 38-megawatt (M.W.) power plant project in Equatorial Guinea. The project is financially sponsored by the Ministry of Hydrocarbons with the intention to boost the development of the local industry.
- A 24 MW Wartsila Oyj Abp power plant located in Bata, the country's largest city, in 2019, provides thermal production of energy for continental Equatorial Guinea. The plant is based on thermal energy and uses gas as the primary fuel.
- Hence, increasing investments and upcoming power plant projects are expected to drive the Equatorial Guinea power market in the forecast period.
