JEDDAH: Saudi Arabia will need to invest over SR500 billion ($133 billion) over the next 10 years to meet rapidly rising power demand, Saudi Water and Electricity Minister Abdullah Al-Hussayen said at the Saudi Water & Power Forum & Exhibition (SWPF) 2012.
"There is a need for projects over the next 10 years with investments that exceed SR500 billion," he said, according to Saudi Gazette newspaper.
Power consumption rose by 9 percent in the first half of 2012 from last year’s figure, he said, adding that peak demand in the summer was up 7 percent, or an increase of 3,500 megawatts.
Saudi Arabia plans to generate some electricity from solar and nuclear plants and is also considering wind, waste and geothermal energy sources as it seeks to reduce reliance on oil and gas. (QNA)
