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FINANCIAL NEWS
Saudi Arabia to invest $80b in power projects
08 Apr 2010
(MENAFN) The Chairman of Saudi Electricity Co. said that the Kingdom is planning to spend $80 billion on expanding its power generation capacity and transmission network in the next decade to meet rising demand, Reuters reported.
He pointed out that Saudi Arabia planned to raise the use of feedstock for power generation to 2.5 million barrels of oil equivalent (BOE) on a daily average by 2020, from 1.5 million BOE last year.
Saudi Electricity needs to boost capacity by 3,000 megawatts a year to meet annual demand growth of 8 percent, spurred by a $400 billion, five-year government-spending program and a rising population. The utility plans to invest $54.7 billion in capacity expansion by 2018.
Demand may rise by 3,000 megawatts to about 45,000 megawatts this summer compared with last year, while winter consumption may reach 30,000 megawatts, the official told reporters at the conference.
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