Apricum GmbH (Berlin) predicts that the nations of the Gulf Cooperation Council (GCC) will reach a cumulative installed solar photovoltaic (PV) and concentrating solar power (CSP) capacity of 3.85 GW in 2017, led by Saudi Arabia. The consultancy also predicts that these nations will install over 1 GW of wind.
Apricum Principal Matthias Kittler notes that PV and wind can offer a much lower cost of electricity generation than oil-fired power in the region, and that oil-rich nations can benefit from exporting petroleum instead of supplying it at discounted rates to generate electricity.
“All Gulf countries are facing a dramatic increase in electricity demand, with the result that significant power-generating capacity needs to be added in the coming years,” notes Kittler.
“Solar and wind can effectively complement the existing conventional capacity and provide electricity at low cost of below 10 USD cent/kWh – about half the cost of oil-fired power generation at market prices.”