• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 3 hours UK, Stay in EU, Says Tusk
  • 3 hours Nuclear Power Can Be Green – But At A Price
  • 3 mins Chevron to Boost Spend on Quick-Return Projects
  • 20 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 8 hours Socialists want to exorcise the O&G demon by 2030
  • 4 hours U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 16 hours Venezuela continues to sink in misery
  • 10 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 7 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 1 day How Is Greenland Dealing With Climate Change?
  • 10 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 1 day Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 2 hours Regular Gas dropped to $2.21 per gallon today
Mexico Hedges Oil at $55 A Barrel

Mexico Hedges Oil at $55 A Barrel

Mexico’s annual ‘hacienda hedge’ is…

Crude Oil Inventory Draw Fails To Move Market

Crude Oil Inventory Draw Fails To Move Market

Crude oil prices didn’t move…

Saudi Arabia Launches its 54GW Renewable Energy Program

Saudi Arabia has finally launched its massive renewable energy procurement program which will see a planned 54GW of renewable energy capacity installed by 2032, and turn Saudi Arabia into one of the largest green energy producers in the world.

The King Abdullah City for Atomic and Renewable Energy (KA CARE) has recently released details of the process which will reward tenders to successful companies for the development of PV solar farms, concentrated solar plants, wind farms, geothermal plants, and waste-to-energy plants.

Of the proposed 54GW, the majority will be solar power with 16GW of PV cell capacity, and 35GW to be generated by concentrated solar thermal. 9GW of wind power will be installed, 3GW of waste-to-energy, and 1GW of geothermal power.

Related article: A Look at the Development of China's Renewable Energy Sector

CK CARE hope that solar power, along with storage, will cover the energy needs during the day, while geothermal, waste-to-energy, nuclear, and wind can cover the demands at night.

The first three rounds of contracts will be awarded by 2015, worth around $10 billion, and a total estimated capacity of 7GW. The first round will begin in the first half of this year and focus entirely on concentrated solar power. Two larger rounds will then take place in the second half of the year and during 2014.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News