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FINANCIAL NEWS
GCC to spend around USD25b to increase power generation capacity
02 Nov 2011
(MENAFN) International Renewable Energy Agency’s (Irena) director-general, Adnan Ameen, said that over the next ten years, countries of the Gulf Cooperation Council (GCC) would probably spend around USD25 billion to expand power generation capacity, reported Gulf News.
Ameen added that over the next decade, GCC members would need 100 gigawatts (GW) of extra power-generating capacity to meet energy demand and electricity demand that were growing notably in recent years.
He also said that renewable energy would have the capability to become a leading economic sector in GCC countries by the middle of the current century.
It is worth noting that the surge in electricity consumption is boosting demand for natural gas, in addition to increasing demand for the region’s heavily subsidized hydrocarbons.
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