Saudi sees over 250 billion riyals in electricity projects in five years
As part of the world’s top energy exporter’s ambitious plan to wean itself off oil, the kingdom anticipates that 3,500 MW of power generating capacity will be derived from renewable sources by 2020 and 9,500 MW by 2023.
RIYADH: Saudi Arabia expects to develop electrical power projects worth over 250 billion riyals ($67 bln) in the coming five years, Energy Minister Khalid al-Falih said in a speech at a power industry conference on Tuesday.
“Peak load is expected to be 80,000 megawatts (MW) by 2022, which requires executing projects over the next five years worth more than 250 billion riyals,” he said.
“We expect most of them to be executed and financed by the private sector.”
As part of the world’s top energy exporter’s ambitious plan to wean itself off oil, he also said the kingdom anticipates that 3,500 MW of power generating capacity will be derived from renewable sources by 2020 and 9,500 MW by 2023.
The kingdom will also aim to broaden power links abroad, Failh added, saying a contract for a Saudi-Egyptian power grid will soon be signed and operate at full capacity before the end of 2020.
Source: Reuters
