Riyadh-Informed sources told Asharq Al-Awsat that Saudi Arabia is heading towards privatizing electricity sector and shifting towards solar and alternative energy in the framework of its efforts to reduce the use of fossil fuels in production rates.
Sources added that the Public Authority for Electricity in Saudi Arabia has presented a complete plan that includes a mechanism for the privatization of the electricity sector; at a time when Saudi Arabia is seeking to pass the production and generation of electricity to several companies, which are competing and providing the best services and lowest prices for clients.
The size of electricity services coverage for Saudi areas and cities during the current phase amounts to 99.5 percent, while the country is working hard to raise the rate to 100 percent over the next few months.
Therefore, Advanced Conferences & Meetings is proud to announce the launch of the first annual seminar dedicated to the retrofitting and refurbishment industry in KSA.
As Saudi Arabia continues to diversify its economy beyond oil exports, energy intensity of the economy has grown. In order to conserve oil resources for the future generation, a key focus of the government and industry leaders is to reduce the energy intensity growth through policy, management and technology measures.
Electrical energy consumption in Saudi Arabia has increased sharply during the last two decades due to rapid economic development. An estimated 73% of the electric energy generated in Saudi Arabia is used for operating buildings and 65% of this energy is consumed by air conditioning. Peak loads are expected to approach 60GW by 2023 and the total investment needed to meet this demand may exceed $90 billion.
In fact, energy conservation policies for sustainable development could result in reducing the electricity forecast demand by 5–10%, equivalent to 3–6GW of additional capacity, which is possible $1.5–3.0 billion saving over the next 20 years.