Italian utility owner Enel SpA says now is the tine to approach middle eastern countries to get on board with renewable energy supplies as the cost of solar power falls along with oil.
Francesco Starace, CEO of Rome-based Enel said in an interview held in Abu Dhabi that, “We will wait for the first tenders in Saudi Arabia.” Dubai the second largest emirate in the United Arab Emirates, after Abu Dhabi, has begun a renewable program, along with Abu Dhabi. Starace said he would like to see Enel participate in that.
Starace has taken a pro-active position on developing greener sources of energy while scaling back on large power stations. Enel reintegrated its renewable energy division, Enel Green Power, last year, and is predicting a 39 percent cut in the use of fossil fuels over the coming five years for generating power. Two oil giants, Saudi Arabia, the world’s biggest oil exporter, and the UAE, the fourth largest oil producer in OPEC, both would like to shrink their oil dependence and generate more power from solar and other sources.
Enel concluded an agreement with the Dubai Electricity and Water Authority to help improve the emirate’s power grid. They also reached an agreement with the Saudi Electricity Company in January, 2017. Over the next five years Saudi Arabia would like to generate 10 gigawatts of power from solar, wind and other types of renewable energy, said Energy Minister Khalid Al-Falih. By 2050 DEWA hopes to be able to produce three-quarters of its power from renewable sources.