Middle East countries to spend $9.8bn over next decade to modernize electric grids, incorporate $27.9bn of solar generation
WASHINGTON, June 24, 2014 /PRNewswire/ -- Middle East and North African (MENA) countries will spend billions of dollars over the next decade to modernize their electric grids and add solar generation resources. This spending will include $9.8 billion cumulatively for smart grid infrastructure by 2024. Smart grid will enable the incorporation of $27.9 billion in new solar resources. MENA countries can save between $1 billion to $3.5 billion per year by redirecting domestic energy consumption towards exports, according to a new study by Northeast Group, LLC.
"MENA countries are taking a two-pronged approach to addressing their power sector challenges," said Ben Gardner, president of Northeast Group. "The first is the installation of over 26 GW of solar capacity by 2024, led by Saudi Arabia. This will allow them to reduce their reliance on oil and gas power generation. The second approach is to deploy smart grid infrastructure that will help incorporate this solar power, enable better electricity demand management and improve reliability."
Smart grid activity is picking up throughout the region. Wealthy Gulf countries are looking to better manage electricity demand. Countries such as Jordan and Lebanon are seeking to reduce electricity theft. Finally, countries from Morocco to Saudi Arabia are aiming to manage the intermittency created by increased use of solar power.
"The MENA region has a number of diverse drivers and will benefit from a wide range of smart grid infrastructure," added Gardner. "Smart metering is the leading segment, but distribution automation will also be very important for these countries. Furthermore, 'smart city' initiatives around the Gulf are demonstrating advanced smart grid and renewable energy applications."
Many global vendors are active across the MENA region. These include ABB, Alstom, Echelon, Elster, GE, Itron, Landis+Gyr, Petra Solar, SAP, Siemens, Silver Spring Networks and Suez.
Northeast Group's MENA Smart Grid: Market Forecast (2014-2024) Volume II study is 200 pages long, includes 133 tables and graphics and comes with an excel file with over 2,300 data points. Forecasts are included for AMI, DA, HEM, WAM, IT and solar generation for the ten countries of: Saudi Arabia, UAE, Israel, Qatar, Jordan, Oman, Kuwait, Lebanon, Egypt, and Bahrain. To order a copy of the study, please visit: www.northeast-group.com or email Ben Gardner at: email@example.com
ABOUT: Northeast Group, LLC is a Washington, DC-based smart infrastructure market intelligence firm. www.northeast-group.com
SOURCE Northeast Group, LLC