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FINANCIAL NEWS
Saudi Arabia to increase power generation by 49% in 2019
02 Feb 2013
(MENAFN) A news study conducted by the Center for Engineering Research for the Saudi Electricity & Cogeneration Regulatory Authority expected demand for electricity in Saudi Arabia would hit 57,808 MW in 2023, Saudi Gazette reported.
The Gulf Kingdom’s energy sector grew on a speedy pace on thanks to a rapid population growth and businesses in the last few years.
Saudi Arabia is expected to need a 13 percent average electricity generation growth rate by 2015 to meet demand. Saudi Arabia has spent USD37.5 billion on power generation projects this year.
Based on this estimate, some USD134 billion worth of power generation and water projects are being lined up for the next decade to increase electricity output by 49 percent by 2019.
The study also expected Saudi Arabia’s energy requirement to touch 343,110 GWh in the year 2023.
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