• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 18 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 5 hours Starvation, horror in Venezuela
  • 13 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Pakistan: "Heart" Of Terrorism and Global Threat
  • 14 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Venezuela set to raise gasoline prices to international levels.
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 2 days Batteries Could Be a Small Dotcom-Style Bubble
  • 2 days Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 2 days WTI @ 69.33 headed for $70s - $80s end of August
  • 6 hours China goes against US natural gas
  • 7 hours Why hydrogen economics does not work
Saudi Arabia And Iran Reignite The Oil Price War

Saudi Arabia And Iran Reignite The Oil Price War

As U.S. sanctions on Tehran…

Deciphering The New Caspian Agreement

Deciphering The New Caspian Agreement

The Caspian deal is a…

Saudi Utility Plans to Spend $80 Billion over the Next Decade

A local daily newspaper in Saudi Arabia known as the Arab News, has today reported that the state owned Saudi Electricity Company (SECO) plans to spend $80 billion over the next ten years in an attempt to try and help meet the kingdoms rising demand for electricity, which at current rates may see it become a net oil importer within the next two decades, according to Citigroup Inc.

The utility, the largest of its kind in the Middle East by market value, announced that it will increase its generating capacity by 76% from the current 54,000MW to 95,000MW.

Saudi Arabia’s efforts to grow its economy have seen energy demand increase greatly, and it has been calculated that by 2020 demand will increase by at least an extra 30,000MW.

Related article: Ageing Giant Oil Fields still Dominate World Oil Production

SECO, 80% owned by the Saudi Arabian state, plans to add an additional 4,000MW of capacity to its network this year, followed by another 8,000MW in 2014.

Much of the new capacity will be in the form of renewable energy, an area that Saudi Arabia has been avidly investing. Plans have already been released by the government to install 41,000MW of solar power by 2032, 25GW of concentrated solar power and 16GW of photovoltaic panels, at an estimated cost of around $109 billion (SR408.75 billion).

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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