Saudi power investment to reach $133bn in decade
Steep power consumption rises set to force up need for spending
Saudi Arabia will require investment of US $133 billion in its power sector over the next ten years to meet growing demand for power, according to Saudi Water and Electricity Minister Abdullah Al Hussayen.
Speaking at the Saudi Water and Power Forum, and reported by the Saudi Gazette, the Minister said that power consumption increases – recorded at 9% over H1 2012 – would force up the investment needed to maintain supply.
Saudi is currently considering how best to reduce its reliance on oil & gas, and is looking at generating electricity from solar power and a nuclear programme, as well as potential from wind, waste and geothermal energy.
The amount of investment needed has been revised upwards significantly over the last year, with this latest increase raised from a $106 billion figure forecast in May 2012.