Renewable Energy Sector Advances in the Gulf
Published on 16 Nov 2022
Key Takeaways:
- Gulf states boast a strong renewable energy resource base in terms of solar irradiance levels and wind speed.
- Gulf states have invested in major renewable energy projects regionally and globally as part of their diversification strategies.
- Several factors including favourable finance terms for renewable projects, a high borrowing capacity for renewable project developers and sizeable mega-projects have each supported the deployment of utility-scale installed renewable energy capacity.
- However, the industry faces barriers related to subsidy retention, grid capacity, tendering and distributed generation.
Enablers of Renewable Energy Development
Abundance of renewable energy resources
The Gulf has predictable high insolation levels, thus enabling investment in several solar energy technologies, including solar photovoltaics (PV), and concentrated solar power (CSP). The annual average solar irradiance per square metre in Gulf states is equivalent to 1.1 barrels of oil 1. The Global Horizontal Irradiance (GHI) in the region is estimated to range from 2,000 to 2,500 kWh/sq metre annually 2. By comparison, the average GHI in Germany from 1998 to 2018 stood at almost half of the region’s lower GHI range with just 1088 kWh/sq metre annually 3. GHI varies across the region with certain states having very favourable conditions. For instance, the UAE has annual GHI levels around 2,200 kWh/sq metre, whereas the GHI for Saudi Arabia and Oman exceeds 2,200 kWh/sq metre per year 4. Kuwait’s irradiance levels are highest in June and July 5, which coincides with the peak demand period for energy use.
Notwithstanding the positives above, the region’s high temperatures have had a negative impact on solar PV systems. This is as the PV modules’ yield is inversely proportional to temperatures, given that the modules’ standard test conditions are at 25°C. The Gulf’s dusty environment and rising temperatures create an opportunity for research and development to ameliorate PV modules.
In the wind power sector, several Gulf states can provide commercially viable wind speeds for utility-scale projects, namely Saudi Arabia, Oman, Bahrain and Qatar. Kuwait’s annual wind power is viable for medium-scale wind production 6.
Geothermal energy, produced through the heat of the Earth’s sub-surface, remains largely under-explored, but could have significant potential in the Gulf states, especially given these states’ extensive drilling experience. Closed-loop technology projects could potentially be developed at lower costs than in other regions, and some ongoing oil and gas production processes could be repurposed toward geothermal energy production. Geothermal energy can be used for baseload power generation and could power desalination plants and provide district cooling. Ground-source heat pumps could also have significant cooling potential in Gulf states.
Government backing of projects
The dominant type of renewable energy model deployed in the Gulf is the 'mega-project.' These projects benefit from economies of scale and government-backing of finance and development. Mega-projects are the best route to help the Gulf meet its ambitious targets and diversify its energy systems. Utility-scale renewable energy plants in the pipeline at various development stages – in operation, awarded, tendered and in the process of being tendered until the year 2023 – have a combined capacity of 13.64 GW and exceed $9bn in project value 7.
Gulf states have invested in sizeable renewable energy projects regionally and globally as part of their diversification strategies. Three types of renewable energy investment models have been recorded: 1) mergers and acquisitions, 2) foreign investments, and 3) equity investments.
The Gulf’s Sovereign Wealth Funds (SWFs) have viewed renewable energy project development as presenting profitable investment opportunities, with long-term cash flows matching long-term return prospects 8.
Saudi Arabia and the UAE have backed renewable energy giants ACWA Power and Masdar (also known as Abu Dhabi Future Energy Company). Saudi Arabia’s Public Investment Fund (PIF) holds a 50% stake in ACWA Power. Meanwhile, Masdar was wholly owned by Abu Dhabi’s Mubadala Investment Company from 2006 until 2021. In December 2021, Abu Dhabi’s National Energy Company (TAQA) acquired a 43% stake and Abu Dhabi’s National Oil Company (ADNOC) acquired a 24% stake, while Mubadala retained the remaining 33%. The new shareholders, along with Masdar, contribute a combined existing and committed renewable energy capacity of more than 23 GW.
While Saudi Arabia’s economic model remains closely linked to hydrocarbons, PIF-backed ACWA Power is gaining market share in the renewable energy sphere regionally and globally. The power and water desalination developer, owner and operator has built a renewable energy portfolio across a dozen countries, with a total installed capacity exceeding 3.2 GW, valued at more than $10.45bn 9.
Among renewable energy plants in the Gulf, ACWA Power, as the project developer with the largest regional share, has a total capacity of 3.95 GW, while Masdar, the region’s largest developer, holds 1.5 GW. In March 2022, Saudi Arabia’s energy ministry awarded two projects with 1 GW in capacity each, valued at a combined $666million, to be built in Al Rass and Saad. Additionally, ACWA is currently planning two solar photovoltaic projects of 2.3 GW in Shuaiba and Rabigh, under the second round of PIF’s renewable energy deployment. Qatar’s first solar PV plant, Al Kharsaah, with 800 MW in capacity, is under development. The project developer is a consortium between Total and Marubeni (40%), alongside Siraj Energy (60%). The latter is a Joint Venture between Qatar Petroleum (40%) and QEWC (Qatar Electricity & Water Company (60%).
Borrowing ability and favourable financing terms
Renewable energy projects require large capital investments and are typically financed on a project-finance basis, the main financing method in large and expensive infrastructure projects. In this financial model, an independent legal entity, or Special Purpose Vehicle (SPV), is established as a subsidiary company to undertake project development and raise funds. Project finance is most often executed through long-term project loans. The financing is a combination of debt provided by lenders and equity provided by shareholders. The SPV needs to ensure cash flow covers principal debt and provides profit to creditors and shareholders, in order to secure adequate returns, long-term off-take, or power purchase agreements (PPAs) with low counterparty credit risks.
Saudi Arabia and the UAE have witnessed record-low prices in utility-scale solar project auctions, boosting the appetite for renewable energy and promising extremely cheap electricity provision. These prices are listed in Figure 1.
Figure 1. Levelised cost of electricity renewable energy auctions in the Gulf Source: Compiled by author
A comparison with respect to the global weighted average of the levelised cost of electricity 10 (LCOE) is portrayed in Figure 2.
These record low prices are a result of a combination of factors including: 1) the availability of equity and borrowing ability; 2) low debt servicing costs; 3) long PPA tenures; 4) counterparty credit worthiness; 5) low land costs; and 6) low taxes.
Gulf states are set to record a sharp rebound in oil revenues, which could provide even more investment opportunity for renewable energy deployment. Infrastructure projects are linked to government spending, and the 2021 and 2022 oil price rebounds put the Gulf states on track for economic growth. Oil prices have recovered from the impact of the Covid-19 pandemic and soared to levels unmatched since 2014; they crossed $101 per barrel at the end of February 2022, following Russia’s invasion of Ukraine.
Figure 2. Global LCOE for solar PV compared to that in the Gulf Source: Global figures: Lazard; Gulf figures: weighted average computed by authors from Saudi Arabia and the UAE’s auctions
Globally, geopolitical risk is high, making oil prices very volatile. According to HSBC, an oil price of $100 per barrel would increase Gulf export revenues by $150bn, leading to the region’s biggest fiscal surplus in a decade and providing Gulf states with budget surpluses 11.
Countries with stable fiscal balances are well-positioned to tap into foreign debt issuance, as in the case of Saudi Arabia and the UAE. Historically, limited political risk and favourable macro-economic conditions in the Gulf, including the US dollar currency pegs, have contributed to the states’ borrowing abilities, although at different levels.
In typical auctions of independent power producers (IPPs), the private entity oversees raising funds to reach financial closure and develop the project. Yet, in many Gulf projects, particularly within the UAE, the renewable energy projects take the form of public-private partnerships (PPPs), where the public entity, i.e. the government, acts as a co-lender or equity provider, making the project a co-finance project. This applies to the Mohammad Bin Rashid Al Maktoum Solar Park phase III. In this phase, project equity is split between the state-owned electricity utility DEWA, which has a 60% stake, and a private sector developer with 40%. 12
Gulf states are also providing long tenure for off-take agreements. Whereas PPAs are commonly signed for a period of 10 to 25 years, Gulf states have been signing agreements ranging from a period of 25 years for most projects to 35 years in the case of the Mohammad Bin Rashid Al Maktoum Solar Park phase IV 700 MW CSP project. This project has a finance loan period ranging from 22 to 25 years 13. This compares favorably internationally as in India, typical debt terms are 14 years 14, whereas in Mexico and Guatemala, PPAs have been signed for 15 years. Long tenure for off-take agreements allows for long-term cash-flows for developers.
Availability of land
The availability of vast, cheap land in the Gulf is a key pillar of renewable energy project development. Across the globe, hidden costs associated with land lease and land disputes, coupled with decreased interest among landowners to lease their land, have substantially pushed up project costs. Site control is a fundamental aspect of renewable energy project development, since loss of site control can cause projects to be cancelled. Typically, site control is an operating cost paid to the landowner as part of a right to use the land, a lease agreement or an option to purchase the land. Development costs are lower when the land cost is lower or when fees are completely waived. Other costs can involve potential claims, mortgages and disputes over property ownership.
Low land costs could imply that land earmarked for renewable energy projects in the Gulf carry only a symbolic purchase price. Yet, land availability in the UAE falls within soft costs and is considered a prime factor in reducing prices of solar PV auctions 15. Aside from the costs, community disputes and social resistance over project development - especially hydropower plants and wind farms - have been recorded in many parts of the world. These disagreements have often been prolonged, requiring dispute resolution mechanisms and town hall meetings.
Opportunity costs are also present in countries with scarce land. Restrictions on land use can then be put in place by governments, such as in agricultural land, land developed for mineral extraction, land used for waste disposal, land classified as urban areas or land for leisure and tourism. These limitations may reduce project capacity, extend development timelines or increase construction costs.
Barriers to Renewable Energy Development
Subsidy Retention
Low-cost fossil fuel-powered generation has hindered renewable energy investments. The annual cost of fossil fuels and electricity subsidies in the Gulf crossed $30bn in 2015. In 2011, Dubai Electricity and Water Authority (DEWA) was the first utility in the region to restructure tariffs to reflect the cost of recovery. Following the drop in oil prices in 2014, Gulf states embarked on a pricing reform journey 16 at different paces and success levels. Qatar raised electricity and water tariffs for expats in the second half of 2015, while Bahrain increased these rates in 2016 17. Oman hiked electricity tariffs for large consumers in government, commerce and industry in 2017. Meanwhile, the government in Saudi Arabia implemented a gradual elimination of subsidies. In the case of the UAE, prices have gone up in previous years - especially for expatriates – and electricity consumption continued to rise. The use of a flat rate pricing structure instead of time-of-use has led to wasteful consumption in peak periods, when emphasis should be on lowering demand.
The rebound in oil prices may not secure public approval for subsidies elimination, but these subsidies will continue to impede the implementation of low-carbon technologies to the detriment of the Gulf’s climate commitments, most notably Saudi Arabia and the UAE’s net-zero pledges. These pledges may serve to rally public support for tariff-restructuring as part of the sustainability and diversification plans. However, safeguarding economic growth entails channeling part of these subsidies 18 towards ensuring business competitiveness.
Grid limitations
Transitioning to renewable energy, especially solar and wind, could create a new set of challenges for the Gulf’s power grid. Investments in the Middle East power sector from 2021 to 2025 are estimated to reach $250bn and constitute the highest share of investments across energy sectors 19. Yet investments in transmission and distribution networks have been chronically low compared to investments in generation capacity, which needs to be addressed. Within the transmission and distribution sectors, conventional methods of balancing supply and demand are unsustainable with the integration of renewable energy 20 The power grids will therefore need to be expanded, upgraded and modernised. Grid limitations are posing major operational challenges to the integration of variable renewable energy systems. Renewable energy projects have been developed at a faster pace than power grids, a trend that is common across the globe, including in China and the US 21. In Australia, grid limitations caused 2019 renewable energy investments to be half those of the year prior 22. In India, renewable energy curtailment is common due to transmission congestion and system inflexibility, among other factors 23. The weak grid impact on renewable energy deployment in the Middle East is clearly evident in Jordan. The country is at the forefront of renewable energy deployment in the region, with 20% of renewable energy generation capacity. However, it had to suspend utility-scale renewable energy auctions and licenses early in 2019 to assess and improve the electricity network 24.
Reliance on intermittent wind and solar generation 25 causes low system inertia 26 in cases where power grid modernisation investments are insufficient 27. Aligning generation and transmission plans and modernising grid infrastructure enable a low-cost integration of renewables. Major investments in system flexibility 28, scalability and energy storage systems would also be required when the share of renewables in the power mix increases. This would help manage intermittencies of renewable energy resources and mitigate potential power supply disruptions 29.
Renewable energy integration also requires implementing forecasting and grid integration centres and re-skilling grid operators to manage variable generation.
The Gulf Cooperation Council Interconnection Authority (GCCIA), which links the six member states’ power grids, could promote system flexibility and optimise variable renewable energy integration. Although the interconnection grid was completed in 2011, it only operates at 5% of its capacity and is mainly used in emergency modes to avert blackouts though bilateral capacity trade.
Tender delays
Auctions have set the pace for renewable energy deployment in the Gulf but delays in project announcements and award are costly and risk derailing renewable energy ambitions. The slow process may increase risk aversion among investors. Additionally, the current tendering design and process on a project-by-project basis is a costly and slow path to hike cumulative capacity. Private developers favour a pipeline of projects and visibility over upcoming opportunities under a tender process. Project pipelines offer investors and developers greater opportunity to enter the Gulf market and increase the prospects of reward following bidding costs and due diligence 30.
In the current tendering framework, the regulator or project owner selects the technology and capacity under a single-site project. Co-location of plants and technology-neutral tenders have yet to make an entry into the Gulf market.
The off-take agreements are signed on a take-or-pay basis, increasing the risk of payments for curtailed power. The purchase of dispatchable electricity will promote the use of energy storage systems in front-of-meter models, which will be necessary for the future integration of variable renewable energy. Since auctions are conducted on a project-by-project basis, they can also be designed to align the development of generation capacity with that of grid infrastructure, thereby reducing curtailment risks 31.
Lower emphasis on distributed generation
The need for rapid deployment of renewable energy should prompt the use of various implementation models. Chief among these models is distributed, small-scale generation, which has the advantage of reducing grid expansion needs. But the share of these models among overall renewables capacities remains low, with their deployment predominantly taking place in off-grid settings.
Spiking electricity consumption in buildings also needs to be addressed, not only with efficiency measures, but also in the promotion of distributed renewable energy generation. Small-scale models have the additional benefit of raising consumers’ energy awareness and changing their behaviour towards energy conservation.
Some incentives and regulations are in place for the promotion of small-scale systems in the Gulf. The UAE has adopted net-metering policies and Dubai has developed the Shams Solar Programme, aiming to have solar energy systems on every rooftop by 2030. Saudi Arabia’s Water and Electricity Regulatory Authority has developed a framework for small-scale PV systems ranging from 1 KW to 2 MW. Oman, on the other hand, has enacted feed-in tariffs under the Sahim scheme to enable financial compensation for renewable power exported to the grid.
Financial incentives and possibly redirection of subsidies into small-scale renewable energy would increase cumulative renewable energy capacity while creating jobs and improving business competitiveness when implemented for commercial and industrial consumers. Capacity limitations in facilities where electricity consumption levels are high are also inhibiting the deployment of distributed renewable energy systems, especially for heavy commercial and industrial consumers.
Conclusion
The Gulf states boast several enablers of renewable energy deployment, including the availability of vast, cheap land, significant renewable resources and predictable high insolation levels. These factors, in addition to favourable finance terms, have enabled investment in several renewable energy technologies.
The dominant type of renewable energy model deployed in the Gulf is the 'mega-projects', which benefit from economies of scale and government-backing of finance and development.
Saudi Arabia and the UAE have witnessed record-low prices in utility-scale solar project auctions. These record low prices are a result of a combination of factors, such as equity and borrowing ability; low debt servicing costs; and long PPA tenures; among others.
Yet, some barriers need to be mitigated to meet the ambitious renewable energy targets. These include: 1) the retention of fossil fuel subsidies which hinder investments in low-carbon technologies; 2) grid limitations and bottlenecks in the integration of variable renewable energy; 3) delays in project announcements, tendering and award which could reduce investors’ appetite, and 4) the lower emphasize on distributed generation.
Project Location
Al-Shagaya (100 km west of Kuwait City)
Project Name
Al-Shagaya
Project Type
Mixed
Project Capacity
70MV
Project Owner
KISR
Project Location
Al-Askar
Project Name
Askar
Project Type
Solar
Project Capacity
100 MV
Project Owner
Electricity and Water Authority, Bahrain (EWA)
Project Location
Al-Kharsaah
Project Name
Al Kharsaah Solar PV IPP Project
Project Type
Solar PV
Project Capacity
800 MW
Project Owner
Qatar General Electricity and Water
Corporation (Kahramaa)
Project Location
Abu Dhabi
Project Name
Al Dhafra Solar PV
Project Type
Solar PV (crystalline, bifacial solar
technology)
Project Capacity
2000 MW
Project Owner
EWEC
Project Location
Dubai
Project Name
Mohammed Bin Rashid Al Maktoum
Solar Park Phase 1
Project Type
Solar PV
Project Capacity
13 MW
Project Owner
DEWA
Project Location
Dubai
Project Name
Mohammed Bin Rashid Al Maktoum
Solar Park Phase 2
Project Type
Solar PV
Project Capacity
200 MW
Project Owner
DEWA
Project Location
Dubai
Project Name
Mohammed Bin Rashid Al Maktoum
Solar Park Phase 3
Project Type
Solar PV
Project Capacity
800 MW
Project Owner
DEWA
Project Location
Dubai
Project Name
Mohammed Bin Rashid Al Maktoum
Solar Park Phase 4
Project Type
CSP and PV
Project Capacity
950 MW
Project Owner
DEWA
Project Location
Dubai
Project Name
Mohammed Bin Rashid Al Maktoum
Solar Park Phase 5
Project Type
Solar
Project Capacity
900 MW
Project Owner
DEWA
Project Location
Sweihan, Abu Dhabi
Project Name
Noor Abu Dhabi Solar Power Project
Project Type
Solar Power Plant
Project Capacity
1200 MW
Project Owner
EWEC
Project Location
Abu Dhabi
Project Name
Masdar Solar Scheme Shams 1 Project
Project Type
CSP
Project Capacity
100 MW
Project Owner
Masdar
Project Location
Abu Dhabi
Project Name
Masdar Solar Scheme Shams 2 Project
Project Type
CSP
Project Capacity
100 MW
Project Owner
Masdar
Project Location
Sweihan, Abu Dhabi
Project Name
Noor Abu Dhabi
Project Type
Solar
Project Capacity
1180 MW
Project Owner
EWEC
Project Location
300km west of Muscat
Project Name
Ibri II Solar IPP
Project Type
Solar PV
Project Capacity
500 MW
Project Owner
OPWP
Project Location
Ad Dakhiliyah
Project Name
Manah Solar I & Manah Solar II
Project Type
Solar PV
Project Capacity
1000 MW
Project Owner
OPWP
Project Location
Near Nimr (300 km northeast of Salalah)
Project Name
Amin Solar PV IPP
Project Type
Solar PV
Project Capacity
100 MW
Project Owner
Petroleum Development Oman (PDO)
Project Location
Dhofar
Project Name
Dhofar Wind Project
Project Type
Wind
Project Capacity
50 MW
Project Owner
Masdar
Project Location
Makkah, Saudi Arabia
Project Name
Rabigh Solar PV IPP Project
Project Type
Solar PV
Project Capacity
300 MW
Project Owner
Marubeni Cooperation
Project Location
120 km south of Jeddah, Western Saudi Arabia
Project Name
Al-Shuaibah Solar Power Plant
Project Type
Solar PV
Project Capacity
600 MW
Project Location
Jeddah
Project Name
Jeddah Solar Power Plant
Project Type
Solar PV
Project Capacity
300 MW
Project Owner
SPPC
Project Location
Al Madinah
Project Name
Medina PV IPP project
Project Type
Solar PV
Project Capacity
50 MW
Project Owner
Desert Technologies
Project Location
Sudair, Riyadh, Saudi Arabia
Project Name
Sudair solar power project
Project Type
PV solar power
Project Capacity
1500 MW
Project Owner
ACWA power
Project Location
Rafha
Project Name
Rafha PV IPP
Project Type
Solar PV
Project Capacity
20 MW
Project Owner
Desert Technologies
Project Location
Sakaka City, Al Jouf Province
Project Name
Sakaka Photovoltaic Solar Project
Project Type
Solar PV
Project Capacity
300 MW
Project Owner
Saudi Power Procurement Company
Project Location
Al Jawf Province
Project Name
Dumat Al Jandal Wind Power Project
Project Type
Wind Farm
Project Capacity
400 MW
Project Owner
Masdar
Project Location
Qurayyat
Project Name
Al Qurayyat Solar Power Plant
Project Type
Solar PV
Project Capacity
200 MW
References
1 Mas’ud, A., Wirba, A., et al. (2018). “Solar Energy Potentials and Benefits in the Gulf Cooperation Council Countries: A Review of Substantial Issues”. Energies 2018, 11(2): 372. https://www.mdpi.com/1996-1073/11/2/372
2 IRENA, League of Arab States, RECREE (2014). Pan-Arab Renewable Energy Strategy 2030. https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2014/IRENA_Pan-Arab_Strategy_June-2014.pdf?la=en&hash=74FA7DF20D841A3CF197C4791E74D18B52F8AB23
3 Fraunhofer ISE (2021). Recent Facts about Photovoltaics in Germany. https://www.ise.fraunhofer.de/content/dam/ise/en/documents/publications/studies/recent-facts-about-photovoltaics-in-germany.pdf
4 RENA (2019). Renewable Energy Market Analysis: GCC 2019. https://www.irena.org/publications/2019/jan/renewable-energy-market-analysis-gcc-2019
5 Mas’ud, A., Wirba, A., et.al, (2018). op. cit.
6 Al-Salem, K., Neelamani, S., Al-Nassar, W. (2018). “Wind Energy Map for Arabian Gulf”. Natural Resources 09(05): 212–228. https://www.researchgate.net/publication/325467975_WIND_ENERGY_MAP_OF_ARABIAN_GULF
7 Calculated by Author. Project details are listed in Annex I.
8 IRENA (2019). Renewable Energy Market Analysis: GCC 2019. https://www.irena.org/publications/2019/jan/renewable-energy-market-analysis-gcc-2019
9 Castlereagh Associates (2019). “Saudi Arabia’s new renewables giant”. 24 January 2020.https://defence.pk/pdf/threads/saudi-arabias-new-renewables-energy-giant.662817/
10 LCOE refers to the net present cost of electricity for a power generation plant over its lifetime.
11 HSBC Global Research (2022). “GCC Energy States: Oil at 100”. 24 February 2022.
12 IRENA (2017). Renewable Energy Auctions: Analysing 2016.https://www.irena.org/publications/2017/Jun/Renewable-Energy-Auctions-Analysing-2016
13 IRENA (2019). Renewable Energy Market Analysis: GCC 2019.https://www.irena.org/publications/2019/jan/renewable-energy-market-analysis-gcc-2019
14 International Finance Corporation (2012). “Utility-scale Solar Power Plants”.https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/sustainability-at-ifc/publications/publications_handbook_solarpowerplants
15 IRENA (2017). op. cit.
16 Moerenhout, T. (2021). “Fuel and Electricity Reform for Economic Sustainability in the Gulf”. In: Luciani, G. and Moerenhout, T. (eds) When Can Oil Economies Be Deemed Sustainable?. The Political Economy of the Middle East. Palgrave Macmillan. https://doi.org/10.1007/978-981-15-5728-6_8
17 Karne, J., Monaldi, F. (2017). “Oil Prices, Political Instability, and Energy Subsidy Reform in MENA Oil Exporters”. Rice University Center for Energy Studies. https://www.bakerinstitute.org/media/files/files/0660db8a/CES-pub-QLC_Subsidies-042517.pdf
18 Arab Petroleum Investments Corporation (2021). “Leveraging Energy Storage Systems in MENA”. https://www.apicorp.org/wp-content/uploads/2021/12/Leveraging_Energy_Storage_in_MENA_EN_FINAL.pdf
19 Arab Petroleum Investments Corporation (2021). “MENA Energy Investment Outlook 2021-2025”. https://www.apicorp.org/media-centre/publications/
20 Ibid.
21 National Academies of Sciences, Engineering, and Medicine (2010). “The Power of Renewables: Opportunities and Challenges for China and the United States”. https://doi.org/10.17226/12987.
22 Wood Mackenzie (2020). “Grid congestion chokes renewables investments in Eastern Australia”. https://www.woodmac.com/press-releases/grid-congestion-chokes-renewables-investments-in-eastern-australia/
23 Government of India Ministry of Power (2017). “Greening the Grid: Pathways to Integrate 175 Gigawatts of Renewable Energy into India Electric Grid”. https://www.nrel.gov/docs/fy17osti/68530.pdf
24 PV Magazine (2019). “Jordan suspends renewables auctions, new licenses for projects over 1 MW”. 28 January 2019. http://surl.li/blkfz
25 Intermittent renewable energy, also known as variable renewable energy, such as wind and solar, are renewable energy sources that are not constantly dispatchable due to their fluctuating nature.
26 Inertia refers to the energy stored in large rotating generators, which gives these generators the ability to retain rotation. A power network with low inertia is unstable and vulnerable to black-outs.
27 General Electric (2021). Pathways to faster decarbonization in the GCC’s power sector. https://www.ge.com/content/dam/gepower-new/global/en_US/downloads/gas-new-site/future-of-energy/whitepaper-pathways-for-decarb-GEA35042-.pdf
28 The ability of a power system to respond quickly to variations in supply and demand.
29 Petroleum Investments Corporation (2021). Leveraging Energy Storage Systems in MENA. https://www.apicorp.org/wp-content/uploads/2021/12/Leveraging_Energy_Storage_in_MENA_EN_FINAL.pdf
30 Hamilton, K. (2011). “Investing in Renewable Energy in the MENA Region: Financier Perspectives”. London: The Royal Institute of International Affairs. https://www.chathamhouse.org/sites/default/files/0611hamilton.pdf
31 IRENA (2019). Renewable Energy Auctions: Status and Trends Beyond Price.
https://www.irena.org/publications/2019/Dec/Renewable-energy-auctions-Status-and-trends-beyond-price
Built with Shorthand