Saudi Arabia's KSA could save up to $26.7 billion!

KSA who are a leading figure in the Saudi Arabian electrical industry have suggested that by adopting new power and energy conservation methods, the country could save up to $26.7 billion. Sami Akeel, the vice president of Sawary Energy has recently highlighted the experiences of foreign countries which have reduced power consumption by nearly 51% during the past 30 years in the industrial areas.

In his recent statement he mentioned, “These countries due to their intelligent use of available power over the last three decades were able to achieve an annual growth of 1.7% in their efficient consumption index.” Over the next five years, by reducing the load during peak time, 175m oil barrels could be saved in Saudi Arabia with Akeel adding, “Such savings could be usefully invested in infrastructure development.”

Among the countries of the OECD, it found the residential, industrial, commercial and transportation sectors more efficient in using power by recording 70% total reduction of power on a local level and 63% globally.

The website called ‘Strategyr’ recently released information showing that Saudi Arabia over the next 5 years could potentially save around $34 billion in energy costs. A report by the Saudi Gazette stated that there has been a positive impact on the market for LED and CFL powered lighting installations, through the growing demand for ecologically friendly and efficient lighting solutions. Measures have been put in place to increase energy production capacity with the Kingdom’s energy demand set to double over the next 10 years.

Current generating capacity is around 45,000MW; however the Saudi Electricity Company hopes to reach 75,000MW by 2018 and over 120,000MW for 2030. The world’s largest state owned oil company, Saudi Aramco, recently gave a statement stating that they wish to double its power capacity by 2015 to 4,000MW in order to supply all electricity which is needed for crude and natural gas production.

Aramco Power Systems’ executive director, Ziyad Al Shiha said, “This additional capacity will make Aramco independent in power as it will not be part of the national power grid”