GCC requires $50bn grid investments to expand renewables; Frost & Sullivan

By Salma C, Intern Reporter
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Renewable Energy
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A whitepaper prepared by American business consulting firm Frost & Sullivan for Middle East Energy 2022 has revealed that the GCC Region could require nearly $50 billion of grid-related investments by 2026 to support proposed capacity additions from renewables.

The White Paper, titled ‘Clean Energy – Going Beyond the Grid’, revealed that the GCC needs to invest in large-scale renewable capacity additions and equivalent increased investment in transmission and supply chains to eliminate deficiencies, to diversify its power mix.

In line with the expected increase in grid-related investments, a report titled ‘Global Power Transmission and Distribution Equipment Industry’ has highlighted that the transmission and distribution equipment industry is expected to top $312.8 billion globally by 2026, further underscoring its importance as a central theme.

The MENA region’s most reputable and comprehensive event for the energy sector, Middle East Energy (formally Middle East Electricity) will be held in March second week at the Dubai World Trade Centre. The event will witness the participation of more than 18,000 attendees, 500 exhibitors and 250 delegates.

In addition to this, the event, hosted by the UAE Ministry of Energy & Infrastructure, will see experts discuss a range of in-depth sessions as part of the Global Energy & Utilities Forum.

Topics including Grids of the Future will address pressing industry issues, such as digital technologies for stabilizing grids during the energy transition, the role of machine learning and AI in future grids, and the rise of the ‘prosumer’, someone who both produces and consumes energy, and their impact on grid development.

Mr. Azzan Mohammed, Exhibition Director, Global Energy & Utilities Forum and Middle East Energy, stated that “At the very center of harnessing renewable energy and making it available for consumers is effective transmission and distribution networks, which is why the sector continues to play a prominent role at the Middle East Energy exhibition and during dedicated conference sessions.”

“With the value of the transmission and distribution equipment industry continuing to grow exponentially, a range of market leaders have already confirmed their attendance at Middle East Energy and will be showcasing the latest technologies and innovations supporting the delivery of renewable energy to end-users and, ultimately, delivering on the regions net-zero commitments,” Mr. Mohammed added.

The UAE National Energy Plan 2050 calls for clean energy to represent 50 percent of the country’s total energy mix by 2050. That would reduce the carbon footprint of electricity generation by 70 percent, bringing in $190 billion in cost savings.

It also includes two of the world’s largest single-site solar plants currently being developed in Abu Dhabi and Dubai. Both will contribute to a growing UAE green economy.

According to Middle East Energy 2022 organizers, visitors will have the opportunity to hear from experts regarding technologies in energy storage for the grid, clean technologies in the microgrid, and leveraging residential EVs for grid stability, among others.

During the three-day event, exhibitors, including Ducab, Lucy Electric, Rittal, Emirates Transformers, Eaton, Riyadh Cables, Tesar and Bahra will provide insights into the latest breakthrough technologies, upgraded services, and solutions driving higher efficiency and flexibility within the sector.

Related: Dubai’s ‘Middle East Energy’ event to witness a rise in International Visitors