(MENAFN- Khaleej Times) Dubai has launched a regulatory framework for private energy service companies € the first of its kind in the Middle East € as part of attempts to establish a promising market of energy performance contracting in the emirate.
The regulatory framework was launched by the Regulatory and Supervisory Bureau for Electricity and Water Sector in cooperation with Etihad Esco, the executive authority to enhance energy efficiency in more than 30,000 existing building in the Dubai
The framework aims to provide a system of approving energy service companies (Escos), to standardise methods of measuring and documenting energy savings, provide standards of energy performance contracts, and provide a clear and transparent mechanism for settling disputes
"It gives us pleasure to launch the regulatory framework of Escos, which will retrofit the existing buildings to become green, echo-friendly and saving buildings. This will support Dubai Integrated Energy Strategy 2030," said Ali bin Abdullah Al Oweis, chairman of the Dubai Regulatory and Supervisory Bureau for Electricity and Water Sector
"Retrofitting the existing buildings will not incur the owners any financial costs as Escos will cover the costs from the amounts saved from reducing energy consumption as per the period of time agreed between building owners and Escos," he said in a press statement issued after the launch ceremony. Saeed Mohammed Al Tayer, vice chairman of the Dubai Supreme Council of Energy (DSCE) and MD and CEO of the Dubai Electricity and Water Authority (Dewa) stated that Escos have an important role as they effectively contribute to achieving the basic objective of Dubai Integrated Energy Strategy 2030; to reduce energy consumption by 30 per cent by 2030 by enhancing energy efficiency in more than 30,000 buildings in Dubai
He noted that other initiatives like the transformation of Dubai's power grid into a smart grid incorporating smart electricity metres will also assist Escos to enhance the energy efficiency of existing buildings
"By launching the regulatory framework of market of energy performance contracting in the Emirate of Dubai, the importance of the declared objective of Dubai Integrated Energy Strategy aiming to reduce energy demand by 30 per cent by 2030 can be obviously seen. This step emphasises the commitment of the Government of Dubai to provide the proper regulatory environment that supports the growth, expansion and sustainability of business," said Al Tayer
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