In a recent conferece in Riyadh (9 May 2012). The Deputy President of the King Abdullah Center for Atomic and Renewable Energy (KA-CARE) announced that they plan to make a major shift in the Kingdom's energy mix.
In the recent years the Kingdom's domestic energy demand has been growing at a very fast rate. In 2011, Saudi burned 730,000 barrels of crude oil per day to cover its domestic needs and since crude is heavily subsidized domestically this represent a significant loss for Saudi from potential sale to export markets. A loss which will only increase with increasing energy demand.
When considering this perspective, Renewable Energy makes very good economic sense for the Kingdom, as the high cost of Renewable Energies could be off-set against higher real market value of domestic subsidized fuel consumed.
KA-CARE mentioned that it aims to build 16 GW of solar photovoltaic (PV) and 25 GW of concentrated solar power (CSP) by 2032. It sighted that CSP was more expensive than PV but favored CSP for it storage capabilities. It was also mentioned that Geothemal and waste-to-energy could amount to 4 GW.
These plans have been submitted to the KA-CARE Board of Directors for approval which includes representatives from the highest authorities in the country. If indeed approved this would be a very exciting developing for Saudi Arabia.
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