Green is good for power traders in US$430bil market

Growth industry: BP’s Burbo Bank Offshore Wind Farm near New Brighton, at the mouth of the river Mersey in north-west England. Stricter climate targets are spurring investments in wind turbines, solar panels and battery systems, with the market possibly almost doubling in size in the next 10 years. — AFP

LONDON: The itch is back for Paul Mead. After almost a decade investing in vineyards and startups in his native New Zealand, the former Barclays Plc and Enron Corp trader wants to return to the power market.

What’s luring Mead is the realisation that efforts to slow global warming through renewable energy and electrification are creating new ways to make money in Europe’s US$430bil power market. Stricter climate targets are spurring investments in wind turbines, solar panels and battery systems, with Bloomberg Intelligence estimating the market may almost double in size in the next 10 years.