Upcoming Trade Shows in for Power & Energy

Most of the news surrounding the power and energy industry revolves around fossil fuels and the start of 2024 has been marked by significant volatility in the oil markets. Brent crude recently rose to $78.25 a barrel, driven by geopolitical tensions such as the bomb blasts in Iran. Analysts predict that while volatility is likely to persist due to ongoing geopolitical conflicts, including the potential escalation of the Israel-Hamas war, bearish fundamentals should help keep oil prices in check throughout the year. Several factors contribute to this pessimistic outlook. For one, US output is surprisingly robust, which is most likely to temper oil prices. The end of 2023 saw a wave of significant mergers and acquisitions in the oil and gas sector, with ExxonMobil acquiring Pioneer Natural Resources for $60 billion, Chevron purchasing Hess for $53 billion, and Occidental taking over CrownRock for $12 billion. This flurry of activity is a symptom of a cutthroat battle for dwindling resources, particularly in the Permian Basin. While further deals are anticipated, they are likely to be smaller in scale, given that many of the major players have already made their moves. Notably, ConocoPhillips has yet to engage in similar large-scale acquisitions, and speculation about a potential Shell-BP merger continues, although Shell's CEO Wael Sawan has downplayed the likelihood of such deals before 2025. In contrast to the oil sector, the renewables industry is expected to have another record-breaking year despite facing challenges such as high borrowing costs, elevated raw material prices, and permitting hurdles. According to the International Energy Agency, the world is expected to install over 460 GW of new renewable capacity in 2024, the highest on record. The U.S. Energy Information Administration forecasts that electricity generation from wind and solar will surpass coal-fired generation for the first time this year.