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MENAFN - Arab News - 22/01/2013

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(MENAFN - Arab News) One of the major items on the agenda to be discussed at the Riyadh Economic Summit that kicked off here yesterday is the launch of the "Borderless Energy" initiative, according to a draft prepared by Arab Strategy for developing uses of renewable energy for 2010-2020.

The strategy focuses on developing renewable energy and its applications in the context of the mixed energy scenario in the Arab world from 2010 to 2020 and beyond from 2020 to 2030.

The strategy is based on the expectations of the Arab Union of Electricity that the average annual growth rate in demand for electric power will be up to 6 percent during the first period before it may fall to about 4.5 percent during 2020-2030.

The idea behind this concept is to use renewable energy and also strengthen the process of electricity linkage among 23 member states of the Arab League. It will also encourage export of renewable energy among countries forming part of the energy grid, whereby they can help each other in time of need.

According to the draft, the heads of the Arab states yesterday dealt with the legal and legislative framework for the Arab Strategy for the development of renewable energy applications through the establishment of an open market.

This will create a healthy competition among the participants and also allow smooth functioning of the market to make it sustainable. Additionally, it will guarantee the diversity of sources by securing necessary domestic financial resources for investment in various energy projects.

The same source said that the Arab strategy has approved the issuance of national and regional policies to ensure that carrier companies forming part of the energy grid will act as the distributors of electricity produced from renewable energy sources. This will also encourage investment from the private sector, in addition to special legislation stimulating investment in this area.

There should be legal provision for tariff relating to production and feeding networks, as well as the establishment of national and regional cooperation in the field of manufacturing systems and renewable energy equipment.

This will help to achieve Arab integration, and secure a steady market for the production of electricity from renewable energy, especially by providing consistent and fair pricing for the purchase of energy produced.

 






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