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RIYADH - Saudi Arabia expects to develop electrical power projects worth over 250 billion riyals ($67 bln) in the coming five years, Energy Minister Khalid al-Falih said in a speech on Tuesday at a power industry conference in Riyadh.
"Peak load is expected to be 80,000 megawatts (MW) by 2022, which requires executing projects over the next five years worth more than 250 billion riyals," Falih said.
"We expect most of them to be executed and financed by the private sector."
As part of the world's top oil exporter's ambitious plan to seek alternative sources of power, the kingdom anticipates that 3,500 MW of its generating capacity will be derived from renewable sources by 2020 and 9,500 MW by 2023, Falih added.
Speaking earlier, a senior government official said Saudi Arabia plans to award a construction contract for its first nuclear reactors by the end of 2018.
"With sponsorship from the highest levels in the state, the contract will be signed by the end of 2018," said Maher al Odan, the chief atomic energy officer of King Abdullah City for Atomic and Renewable Energy.
Falih said the kingdom will also aim to broaden power connections with other countries, adding that a contract for a Saudi-Egyptian power grid will soon be signed and operate at full capacity before the end of 2020.
Saudi Arabia was also undrtaking feasibility studies for power lines to Ethiopia, Jordan and Yemen.
(Reporting By Katie Paul and Reem Shamssedine; Writing by Noah Browning; Editing by Greg Mahlich) ((noah.browning@thomsonreuters.com;))
"Peak load is expected to be 80,000 megawatts (MW) by 2022, which requires executing projects over the next five years worth more than 250 billion riyals," Falih said.
"We expect most of them to be executed and financed by the private sector."
As part of the world's top oil exporter's ambitious plan to seek alternative sources of power, the kingdom anticipates that 3,500 MW of its generating capacity will be derived from renewable sources by 2020 and 9,500 MW by 2023, Falih added.
Speaking earlier, a senior government official said Saudi Arabia plans to award a construction contract for its first nuclear reactors by the end of 2018.
"With sponsorship from the highest levels in the state, the contract will be signed by the end of 2018," said Maher al Odan, the chief atomic energy officer of King Abdullah City for Atomic and Renewable Energy.
Falih said the kingdom will also aim to broaden power connections with other countries, adding that a contract for a Saudi-Egyptian power grid will soon be signed and operate at full capacity before the end of 2020.
Saudi Arabia was also undrtaking feasibility studies for power lines to Ethiopia, Jordan and Yemen.
(Reporting By Katie Paul and Reem Shamssedine; Writing by Noah Browning; Editing by Greg Mahlich) ((noah.browning@thomsonreuters.com;))
