PHOTO
Dubai, UAE: The Regulatory & Supervisory Bureau (RSB) for electricity and water in Dubai has revealed that Dubai’s cumulative investments in the energy efficiency market increased to AED500 million in 2017.
According to RSB’s 2017 annual report, published today, investments in energy efficiency projects were AED250 million in 2017, an increase of one-third compared to 2016. These projects are expected to achieve 21% savings in electricity, and 31% in water. Since 2014, energy service companies launched energy-efficiency projects worth AED200 in around 2500 buildings as part of the building retrofit programme. This is done by implementing measures to increase efficiency in energy and water use.
“We work to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform the Emirate into a global hub for clean energy and green economy. The report issued by the RSB, which is overseen by the Dubai Supreme Council of Energy, demonstrates the promising potential for the energy-services market and the financial savings that can be achieved in building retrofits. This supports the Demand Side Management Strategy to reduce demand by 30% by 2030,” said HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy.
“Dubai Electricity and Water Authority (DEWA) established Etihad Energy Services Company (Etihad ESCO), a leading energy service company to contribute to providing investment opportunities for energy-efficiency companies, financial organisations, and green technology and equipment suppliers. Over 30,000 buildings in Dubai are being retrofitted to make them energy-efficient. The present costs for this strategic project are approximately AED 30 billion, with returns of AED 82 billion and a net present profit of AED 52 billion,” added Al Tayer.
RSB’s report highlighted the substantial progress achieved by projects under the Independent Power Producer (IPP) system. It mentioned awarding the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest Concentrated Solar Power (CSP) investment project in the world. It will feature the world’s tallest solar tower at 260 metres. It will also have the biggest thermal energy storage capacity for 15 hours. This makes it produce energy round the clock.
The report also highlighted the efforts of district cooling companies and their use of recycled water rather than desalinated water for their cooling needs, with 40% met from recycled water in 2017, with the support of Dubai Municipality.
“There is now substantial tangible evidence of Dubai’s energy transformation. We are pleased with our contribution to increasing reliance on renewable energy sources in the energy production system and accelerating investments in energy efficiency projects,” said Ali bin Abdullah Al Owais, Chairman of the RSB.
-Ends-
For more information, please contact:
Ribal Dayekh or Iman Saeed
Dubai Electricity and Water Authority
+971 4 307 2006 or +971 4 515 0512
ribal.dayekh@dewa.gov.ae
iman.saeed@dewa.gov.ae
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
