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FINANCIAL NEWS
Saudi fuel subsidies cost USD13.33b a year
01 Jun 2011
(MENAFN) Saudi Electricity and Cogeneration Regulatory Authority’s (Ecra) governor, Abdullah Al Shehri, stated that the Kingdom’s fuel subsidies cost around USD13.33b per year, reported Saudi Gazette.
Al Shehri explained that figure stands for the total value of consumed energy minus its selling price. He pointed out that the figure includes both gasoline and electricity.
The governor also said that electricity accounted for 50 percent of the total fuel subsidies cost. He estimated peak-time electricity demand to nearly triple by 2032 to 120,000 megawatts from 2010’s 46,000 megawatts.
It is worth noting that Saudi’s government is currently considering alternative sources for energy such as nuclear power, and is expected to announce a long-term energy strategy which would include nuclear power plants by the end of 2011, as Al Shehri said.
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