Wednesday, Nov 25, 2020
International Finance
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Saudi Arabia to produce world’s lowest-cost electricity

Saudi Arabia electricity
The kingdom will soon develop a solar project that will produce electricity at the lowest cost per kilowatt

Saudi Arabia is aiming to produce the world’s lowest-cost electricity by undertaking the development of a solar energy project, the media reported.

According to Prince Abdulaziz Bin Salman, Saudi energy minister, Saudi Arabia will soon develop a solar project that will produce electricity at the lowest cost per kilowatt.

During the “Don’t Forget Our Planet” conference, organized by Saudi Arabia’s Future Investment Initiative Institute (FII-I), Prince Abdulaziz Bin Salman revealed that Saudi Arabia aims to produce 50 percent of its energy needs from renewable sources by 2030.

He further revealed that Saudi Arabia will also undertake more wind projects.

He said that the kingdom is currently in the process of activating many programs, including increasing the use of electricity by 30 percent through renewable sources, while 50 percent will be generated through hydrocarbon sources, adding that work is also underway to take advantage of the wind energy project to harness it in generating power.

“I can assure you that Saudi Arabia will not only be the last producer, but Saudi Arabia will produce every molecule of hydrocarbon and it will put it to good use, and it will be done in the most environmentally sound and more sustainable way. I am willing to say that by 2050, we will be the last and the biggest producer of hydrocarbon,” Prince Abdulaziz Bin Salman told the media.

“I love challenges … We’ll live up to the challenge of sitting on a huge amount of hydrocarbon, and we’ll make better use of it. We are trying to lead by example, and we are putting our money where our mouth is,” he added.

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