With the provision of electricity a major challenge to a number countries, new methods are being used to meet the growing demand for energy. South Africa is one example where demand has outstripped supply and the country has been hit by constant loadshedding. It’s now trying to build renewable energy sources, but is also sticking with its ageing coal-fired power stations.
Saudi Arabia is taking measures to make sure that it meets its increasing demand and is focusing on increasing the share of non-oil fuels to meet its increasing power demand and diversify its power mix.
In fact, it has not only made provision – it has excelled. Introduced in 2016, the Saudi Arabia Vision 2030 had an initial target of deploying 9.5GW of power capacity by 2030.
Since its inception, the target has undergone many revisions, with the latest being made in 2023, revising the target to 130GW of renewable power capacity by 2030. With the strengthening of policies, a consistent call for competitive auctions, and other financial measures, the Kingdom will more than meet its 2030 renewable energy target.
A report by GlobalData reveals that renewable power projects under construction in Saudi Arabia exceeded 8GW by the end of 2023, which is primarily due to several projects being awarded through the auctions in the past eighteen months. An additional 13GW of renewable power capacity is currently underway – and added to this the Kingdom has targeted adding 20GW of renewable power capacity annually to reach 130GW by 2030.
In 2023, solar PV constituted 82.6% of the total renewable power capacity of the country, followed by onshore wind accounting for nearly 14.1% and solar thermal accounting for 3.1%. The share of renewable power capacity in Saudi Arabia’s total capacity mix is estimated to reach 35.4% in 2035 from 3.2% in 2023. A number of countries are battling to meet demand and maybe Saudi Arabia’s new mix for electricity can serve as a prime example for them.
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