Dubai — The UAE plans to set up an electricity market and provide power at competitive prices amid plans to export it to other countries, the ministry of energy and infrastructure said Dec. 20 on Twitter.
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Sharif al-Olama, an undersecretary at the ministry who made the announcement, did not disclose further details.
The UAE, which mainly consumes gas for power generation, is diversifying its energy mix in a bid to free up gas for export and other uses. It also wants to lower its carbon footprint from power generation by 70% by 2050, by which time the UAE wants to produce half of its electricity from clean sources, including nuclear. The remaining electricity generation would come from goal and gas.
It will invest Dirhams 600 billion ($163 billion) until 2050 to meet its growing energy demand under its strategy.
This year the UAE started its first of four planned nuclear reactors, each of which has a capacity of 1.4 GW and together will provide up to 25% of the country's power needs once all units are operational.
The UAE is also building solar power plants to take advantage of record low prices and reduce its greenhouse gas emissions.
Dubai, the UAE's second largest city, is building the Mohammad bin Rashid al-Maktoum Solar Park, with a planned capacity of 5 GW by 2030 and a total investment of Dirhams 50 billion ($13 billion).