By Souhail Karam
ECRA plans to raise capacity to 121,000MW by 2032, equating to approx 900m bpy.
Saudi Arabia dedicates about a tenth of its current oil production capacity, or 877,000 barrels per day, to the production of electricity and plans to nearly triple that amount by 2032, a senior official said on Tuesday.
In remarks carried by the official SPA news agency, Abdullah al Shehry, governor of the Electricity and Cogeneration Regulatory Authority, said about 320 million barrels of crude are used to generate power every year.
Shehri said the authority plans to raise power capacity to 121,000 megawatts by 2032, which would require some 900 million barrels of crude oil per year.
Demand for electricity in the desert country is currently 40,000 MW and rising at an annual rate of 8 percent, government officials say.
The country hopes, however, to draw 10 percent of its power output from mostly solar energy and other renewable sources by 2020.
Power, provided by state controlled Saudi Electricity, is sold at 12 percent below its production cost, Shehri said.
Households account for 53 percent of power consumption, the industrial sector 18 percent and government bodies 14 percent, Shehri said. (Reuters)