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Released May 14, 2020 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--In a month's time, the total investment value attached to global industrial projects to be delayed or otherwise affected by COVID-19 precautions has doubled to nearly $1 trillion, according to Industrial Info's project database. But there is little clarity on where markets--particularly energy--will go from here, as commodity prices remain near record lows and authorities struggle with what businesses can reopen. Industrial Info is tracking more than $950 billion in active projects worldwide that have been delayed or otherwise affected by COVID-19, including nearly $180 billion worth in the U.S.
Click here for a global list of affected projects.
Click on the image at right for a graph detailing global projects to be affected by COVID-19, by industry.
One of the largest power-generation projects to recently face delays is Competitive Power Ventures Incorporated's (Braintree, Massachusetts) $1.1 billion Three Rivers Energy Center in Morris, Illinois, a natural gas-fired, combined-cycle (NGCC) plant is designed to generate 1,146 megawatts (MW) from a pair of combustion turbines and a steam turbine, provided by General Electric (NYSE:GE). The project had been planned since early 2016, but was accelerated in 2019 by local support, including tax incentives. Competitive Power Ventures is a subsidiary of Global Infrastructure Partners (New York, New York). For more information, see Industrial Info's project report.
In the renewables market, more solar-energy projects are facing delays. NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida), which is fueling the massive buildout of solar-generation facilities across Florida, added two projects to its list of halted developments: the estimated $250 million Ranger Fork Solar Plant in Albion, Michigan, which is designed to generate 149 MW from photovoltaic (PV) panels, and the $110 million Trailside Energy Center in Hastings, Florida, designed to generate 74.5 MW. Both had been set to begin construction next month, but neither will kick off until October at the earliest.
For more information, see Industrial Info's reports on the Ranger Fork and Trailside Energy projects. For details on some of NextEra's other solar-generation delays, see May 11, 2020, article - Three U.S. States with Biggest Surge in Jobless Claims Have $32 Billion in COVID-Affected Projects.
Crude-oil storage is under more pressure than most other areas of the energy market, as dramatically decreased consumption has led to a global supply glut--and rising demand for storage space. Producers worldwide have been slashing output, but the American Petroleum Institute (API) and other analysts expect to see inventories in the coming weeks to increase nonetheless. In the Oil & Gas Terminals Industry, plant owners are navigating tricky waters: Does the rising demand justify big-ticket expansion projects, or will continued reductions in output ultimately negate the need?
In any case, market conditions have forced two industry leaders to curtail projects. Crestwood Equity Partners LP (NYSE:CEQP) (Houston, Texas) has placed its estimated $200 million crude and condensate terminal in Orla, Texas, on hold, and Ergon Incorporated (Saint James, Louisiana) did the same with its estimated $125 million second-phase expansion of its crude oil storage terminal in Saint James, Louisiana. The Orla project is designed to feature two crude-oil tanks, each with a 40,000-barrel capacity, and a 75,000-barrel condensate tank, while the Saint James project is designed to increase capacity by an undetermined amount at the existing, 2 million-barrel facility.
Both projects are in their planning phases, with necessary permits and approvals far from certain. For more information, see Industrial Info's reports on the Orla and Saint James projects.
Metals & Minerals Projects See Some Revival
As the debate over "reopening" the U.S. economy continues, the Metals & Minerals Industry is seeing some of its projects resume activity. After a month and a half of delays due to COVID-19 precautions, Cleveland-Cliffs Incorporated (NYSE:CLF) (Cleveland, Ohio) is restarting construction on its $700 million direct-reduced/hot-briquetted iron plant in Toledo, Ohio, which it halted in April. The 1.9 million-ton-per-year facility had been set to wrap up this summer, but is now set to be completed in October. For more information, see Industrial Info's project report.
On the mining side, Integra Resources Corporation (Vancouver, Canada) is resuming preliminary work on its estimated $161 million restart of the DeLamar-Florida Mountain gold/silver mine and heap leach facility in Murphy, Idaho, which had been suspended for a month. Integra hopes to redevelop a mine closed since 1998, which it believes could extract 103,000 ounces per year of gold and 1.66 million ounces per year of silver. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Click here for a global list of affected projects.
Click on the image at right for a graph detailing global projects to be affected by COVID-19, by industry.One of the largest power-generation projects to recently face delays is Competitive Power Ventures Incorporated's (Braintree, Massachusetts) $1.1 billion Three Rivers Energy Center in Morris, Illinois, a natural gas-fired, combined-cycle (NGCC) plant is designed to generate 1,146 megawatts (MW) from a pair of combustion turbines and a steam turbine, provided by General Electric (NYSE:GE). The project had been planned since early 2016, but was accelerated in 2019 by local support, including tax incentives. Competitive Power Ventures is a subsidiary of Global Infrastructure Partners (New York, New York). For more information, see Industrial Info's project report.
In the renewables market, more solar-energy projects are facing delays. NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida), which is fueling the massive buildout of solar-generation facilities across Florida, added two projects to its list of halted developments: the estimated $250 million Ranger Fork Solar Plant in Albion, Michigan, which is designed to generate 149 MW from photovoltaic (PV) panels, and the $110 million Trailside Energy Center in Hastings, Florida, designed to generate 74.5 MW. Both had been set to begin construction next month, but neither will kick off until October at the earliest.
For more information, see Industrial Info's reports on the Ranger Fork and Trailside Energy projects. For details on some of NextEra's other solar-generation delays, see May 11, 2020, article - Three U.S. States with Biggest Surge in Jobless Claims Have $32 Billion in COVID-Affected Projects.
Crude-oil storage is under more pressure than most other areas of the energy market, as dramatically decreased consumption has led to a global supply glut--and rising demand for storage space. Producers worldwide have been slashing output, but the American Petroleum Institute (API) and other analysts expect to see inventories in the coming weeks to increase nonetheless. In the Oil & Gas Terminals Industry, plant owners are navigating tricky waters: Does the rising demand justify big-ticket expansion projects, or will continued reductions in output ultimately negate the need?
In any case, market conditions have forced two industry leaders to curtail projects. Crestwood Equity Partners LP (NYSE:CEQP) (Houston, Texas) has placed its estimated $200 million crude and condensate terminal in Orla, Texas, on hold, and Ergon Incorporated (Saint James, Louisiana) did the same with its estimated $125 million second-phase expansion of its crude oil storage terminal in Saint James, Louisiana. The Orla project is designed to feature two crude-oil tanks, each with a 40,000-barrel capacity, and a 75,000-barrel condensate tank, while the Saint James project is designed to increase capacity by an undetermined amount at the existing, 2 million-barrel facility.
Both projects are in their planning phases, with necessary permits and approvals far from certain. For more information, see Industrial Info's reports on the Orla and Saint James projects.
Metals & Minerals Projects See Some Revival
As the debate over "reopening" the U.S. economy continues, the Metals & Minerals Industry is seeing some of its projects resume activity. After a month and a half of delays due to COVID-19 precautions, Cleveland-Cliffs Incorporated (NYSE:CLF) (Cleveland, Ohio) is restarting construction on its $700 million direct-reduced/hot-briquetted iron plant in Toledo, Ohio, which it halted in April. The 1.9 million-ton-per-year facility had been set to wrap up this summer, but is now set to be completed in October. For more information, see Industrial Info's project report.
On the mining side, Integra Resources Corporation (Vancouver, Canada) is resuming preliminary work on its estimated $161 million restart of the DeLamar-Florida Mountain gold/silver mine and heap leach facility in Murphy, Idaho, which had been suspended for a month. Integra hopes to redevelop a mine closed since 1998, which it believes could extract 103,000 ounces per year of gold and 1.66 million ounces per year of silver. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
