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Wednesday, 21 December 2016

Saudis Seen Accelerating Sunward Tilt in Charge for Oil Revenue - Bloomberg

Saudis Seen Accelerating Sunward Tilt in Charge for Oil Revenue - Bloomberg:
"Saudi Arabia’s long-awaited drive to free up more oil revenue by shifting to solar power generation is expected to pick up speed next quarter, according to local developers eyeing contracts.

“I’m fully expecting within the first quarter 500 megawatts to come out in tenders and then it’ll ramp up,” said Paddy Padmanathan, the chief executive officer of Acwa Power International in Riyadh. “That will be a game changer for the region.”

The world’s biggest crude exporter also burns more oil than any other country to generate electricity. According to the most recent International Energy Agency figures, the kingdom consumes at least 900,000 barrels a day to keep the lights on -- an amount worth over $16 billion a year based on current oil spot prices. Integrating more solar power onto the Saudi grid could free up more crude for export."

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