Saudi Arabia’s $109 billion solar bet
One of the richest countries in the world have turned to bonds to get money.
The oil country wants to invest in alternatives to fossil fuels. By 2032, Saudi Arabia’s goal is to generate 52 gigawatts.
The country is not only a major energy producer. It is also a devourer of energy.
According to the Energy Information Administration, Saudi Arabia is the world’s largest consumer of oil-based power generation in the world.
This is especially true during the summer, when peak demand due to air conditioner use resulted in the kingdom burning an average of 700,000 barrels/day of oil to generate electricity during the summers of 2009-2013.
That means that Saudi Arabia is burning as mach as 8.5% of its daily oil production just to keep the lights on and AC blowing.
Solar installations in the kingdom have already declined by 75% since 2009. By 2020 the costs of solar will decline by 29% to 50% more, down to just $50/MWH to $70/MWH. It would make solar power the cheapest form of energy in the country.
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