Bloomberg are reporting that the United Arab Emirates is forecasting that savings generated by switching half its power needs to clean energy by 2050 will outstrip the investment costs.
The Gulf state plans to invest US$150 billion in renewable power to 2050, weening the country from dependency on subsidised natural gas power in stages. Clean energy sources will help it save US$192 billion.
The UAE leadership is bullish about achieving the goal after realising that the nation can forgo subsidies in the switch to clean power from LNG.
As the costs for solar power fall rapidly, Gulf and Middle East states are reevaluating their power strategies, which currently rely subsidiaries for electricity generated with LNG.
In the future, the UAE will review every proposed LNG power project as a project that’s not subsidised. The government also wants to drop support for power tariffs.
Read the article online at: https://www.lngindustry.com/liquefaction/31032017/uae-to-review-every-proposed-lng-power-project/