Saudi Arabia, the world’s largest oil exporter, has ambitious plans to tap into the potential of renewables to fill a shortfall in regional power demand. But opinions are divided on how realistic the Kingdom’s strategy is, given its track record of delayed projects and a shortage of domestic policies to help support investment. The drive to increase renewables generation in the region is not limited to Saudi Arabia. With economies in the Middle East region set to grow in the coming years, power demand is projected to surge in tandem. Despite an abundance of natural resources, electricity supply is a major issue for Gulf countries and oil-fired generation is still the dominant source. The case for renewables Saudi Arabia’s economy is set to grow 2.7% over the next year, according to ratings agency Moody’s, and S&P Global Platts Analytics expects Saudi power demand to continue to grow at a rate of 3.3% through to 2030. The looming threat of a power crisis has helped speedball the idea that including more renewables in the region’s energy mix could be the solution. “Populations in the region are growing much faster than other areas of the world and are set to maintain a… continue reading
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Source: CTRM Center