KSA looks to invest $107bn in electricity
Saudi Arabia has revised up its estimates for the amount it will invest in power projects over the next decade to more than SR400 billion ($106.6 billion) from SR300 billion, its deputy electricity minister said.
"Some time (ago) we announced SR300 billion and we increased it due to the latest developments especially in the housing sector and also the new infrastructure funded by the government," Saleh al-Awaji told Reuters at a water and power conference in Dammam in Saudi Arabia on Monday.
The Chief Executive of Saudi Electrcity Company (SEC) told Reuters last year that the Gulf's largest utility may change its SR300 billion ($80 billion) 10-year investment plan as it speeds up delivery of its power projects to meet state infrastructure demands. The funds would be used to boost capacity to at least 80,000 megawatts by 2020 from an installed capacity of 50,000 megawatts, said Awaji, who is also the chairman of SEC.
"We are experiencing a growth (in demand) of 8 percent in the last ten years and we are expecting to maintain almost the same level for the next ten years, no doubt that at the end of the decade we are expecting to reduce the demand due to the intensive efforts for improving efficiency." Awaji added that in 2022, SEC needed to have an installed capacity of 120 gigawatt but that depends on whether growth rates remain the same.
Saudi Electricity's executive director for generation operations at SEC in the Eastern Region, Ayesh al-Shemari, said at the same conference that the power load is expected to reach 87,000 MW by 2021 while installed capacity is seen at 100,000 MW.
Last week, the body responsible for planning the Saudi energy mix said Saudi Arabia should install around 41 gigawatts of solar power over the next 20 years, more than any country has managed so far, as well as around 17 GW of nuclear capacity.
The oil producer wants a more diversified energy mix to cut heavy domestic consumption.
- Shoura Council: Expats cannot buy property in Mecca, Medina, Riyadh
- Tensions increase between Egypt, Italy over renewable energy projects
- In wake of failed coup, Turkey shuts down all Gulen-linked businesses
- Saudis, Jordanians top the list of Arab property buyers in Dubai
- Mandatory health insurance required for Dubai residents
- Second Electricity Production Unit Adds 340 MWh to KSA Grid 36 Days of Ahead of Schedule
- $120 billion - Saudi Arabia's electricity bill until 2020
- KSA announces $187 billion infrastructure plans
- Spotlight on Saudi Arabia: KSA expands electrical supply, power plan largest in the Middle East
- Saudi Arabia can absorb $20 billion investments in electricity, railway and water sectors