ENABLING INITIATIVES IN THE ENERGY & POWER SECTORS
The Kingdom of Saudi Arabia is registering as having one of the highest energy consumption per capita in the world with its population growth and the rapid pace of industrialization. Power consumption in Saudi Arabia is three times more than the world average, and it has grown at a compound annual growth rate (CAGR) of %6 over the last years.The total power transmission of Saudi Electricity Company (SEC) has also increased significantly which indicates a growing future demand for electricity and water in Saudi Arabia.
The government has announced a plan to install 41 Giga Watt of solar capacity and invest 109$ billion in line with a comprehensive plan to produce 54GW by 2032. Saudi Arabia aims to continue increasing its power generation capacity from 77GW in 2014 to 156GW by 2040.
The combined investment is being put forth to take a shift towards renewable mechanisms such as solar, wind and nuclear sources of energy. The plan is to secure half of the country’s electricity needs from alternative sources of energy in the coming 20 years.
Renewable energy is one of the pillars of the National Transformation Program 2020 and Saudi Vision 2030 and therefore this year’s edition showcases the progressive thought.