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Wood Mackenzie predicts that overall European copper demand will decline by 5% in 2012 to reach 4Mt. This is attributed to weak economic growth together with a prolonged debt crisis.

Wood Mackenzie, a commodities consultancy, said that amongst weak copper consumption in Europe a bright spot is in the demand for wind turbines and the associated subsea cable. The consultancy believes that this sector uses 3.6 tonnes of copper per megawatt of generation capacity and estimates that 22,000t of copper will be consumed in wind turbines in Western Europe in 2012. A European directive for all countries to produce 20% of their energy from renewable sources by 2020 is said to be accelerating growth in green power. Germany are the largest producer of wind turbine sourced electricity, as renewable account for 25% of energy production and wind power is the largest component. Great Britain, the Nordic region and Spain are also expanding their wind power capacity, mainly through offshore wind parks.

"Since then, Wood Mackenzie has expanded by acquiring mining and metals research companies, and adding coverage of natural gas, power and refining."

IEA's dire warning on green stimulus and renewables Kate Mackenzie, Financial Times The IEA's report for G8 energy ministers, to be presented this Sunday in Rome, has generated a few stories. Some picked up on the oil supply squeeze that awaits the world due to massive cuts in production investment. I wrote yesterday that the IEA forecasts that, for the first time since World War II, world electricity consumption will decline in 2009. IEA chief economist Fatih Birol said he personally thought the electricity forecast was the most striking finding of the report. However he was also keen to highlight concern about green spending in the G20 stimulus packages: The agency will also tell ministers that its calculation of the stimulus spending required from G20 nations on renewable energy was inadequate and should rise by a factor of six if greenhouse gas emissions targets set by the United Nations were to be met... (22 May 2008)