Saudi Arabia to cut electricity production cost to maintain competitiveness: Minister

Saudi Arabia is committed to reducing the cost of electricity production, and lowering the cost curve, in order to maintain competitiveness, Prince Abdulaziz bin Salman, Minister of Energy, said.

Addressing a session entitled “Advancing Carbon Capture Innovations and Its Uses in Global Partnerships” on the sidelines of the special meeting of the World Economic Forum, the Minister said that the Kingdom is working hard to ensure that the renewable energy program is the basis at the present time, especially in light of what is happening at the world level and the previous outbreak of the COVID pandemic and the supply chain disruptions.

Despite the previous factors, Saudi Arabia still maintains a record in the cost of energy production, and it has a strict commitment to lead with such industrial model, in addition to the presence of several programs and projects. These factors are one of the means to attract more foreign investments to the sector, according to the Minister.

The Minister highlighted that the circular carbon economy has increased the added value of the energy sector, noting that this indicates that the Kingdom is focused on energy and the management of its systems, while addressing all matters in an economic manner and converting them into monetary value, thus benefiting the environment and the climate change program.

He also stated that Saudi Arabia will continue to work with all parties to discuss climate change, stressing that the Kingdom is committed to achieving energy sustainability.