• 11 hours Getting out of oil .. now
  • 9 hours Too much or doable - $900 Billion Annual Investments Needed In Renewables By 2030
  • 15 hours Surprise! Aramco Scraps International Listing Plans
  • 11 hours U.S. Arrests Iranian Over Alleged $115 Million Sanctions Evasion Scheme Involving Venezuelan Housing Project
  • 18 hours EU Proposes Online Turnover Tax For Big Tech Firms
  • 6 hours Elon Musk’s $2.6 Billion Tesla Challenge
  • 8 hours U.S. Judge To Question Big Oil On Climate Change
  • 11 hours The Facebook/Cambridge Analytica Scandal
  • 17 hours "Rock star of science" - Stephen Hawking, Who unlocked The Secrets Of Space And Time, Dies at 76
  • 18 hours McDonald's Sets Greenhouse Gas Reduction Targets
  • 13 hours Bad seven days for Martin Shkreli
  • 20 hours Step forward or blackmail? DJT: Tariffs On Steel and Aluminum Will Only Come Off If New Fair NAFTA Agreement Is Signed.
  • 1 day 2020 - Electricity From Renewables Will Be Cheaper Than From Most Fossil Fuels?
  • 10 hours Goldman Sachs Expects Tesla to Miss Model 3 Targets Again
  • 12 hours Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 18 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
Is It Time To Abandon Oil Stocks?

Is It Time To Abandon Oil Stocks?

It has been a wild…

Big Oil’s Trillion Dollar Data Battle

Big Oil’s Trillion Dollar Data Battle

Technology is transforming every industry…

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