Energy ministry ‘committed’ to electricity industry’s restructuring plan

The Ministry of Energy, Industry and Mineral Resources is committed to the complete restructuring of the power generation and electricity industry, in line with Saudi Vision 2030, the Saudi Press Agency (SPA) has reported.

The revamping process aims to enhance the sector’s competitiveness and efficiency.

The ministry said it is still working with the Public Investment Fund (PIF), SoftBank and other entities on a number of large-scale, multi-billion dollar projects related to the solar industry.

These projects are expected to produce 200 megawatts (MW) of solar power by 2030, the ministry said, adding that short-term experimental projects are being implemented.

Meanwhile, Saudi Arabia's PIF on Monday refuted a Wall Street Journal report that it had shelved a $200 billion plan with SoftBank Vision Fund to build the world’s biggest solar project, calling the news "inaccurate."  

 The plan to revamp the electricity and power generation includes the below:

1) The restructuring of the electricity industry to enhance market competitiveness and attract more private sector investments.

2) A qualitative transition in the Kingdom’s power usage to include renewable energy resources, including solar as well as wind power, in addition to new investments in gas-based power generation facilities.

3) Boosting local investments in the electricity sector to fulfill local demand and gain global market share.