Oil Updates – crude steady, US consumer price data in focus

Oil Updates – crude steady, US consumer price data in focus
Oil Updates – crude steady, US consumer price data in focus

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Jeddah - Yasmine El Tohamy - RIYADH: The world’s largest renewable energy survey will take place in Saudi Arabia, it has been announced – with the installation of 1,200 measuring stations.

The Kingdom’s Energy Minister Prince Abdulaziz Al-Saud inaugurated the Geographic Survey Project for Renewable Energy, stating that it is unprecedented in its scope and aims to pinpoint optimal sites for  solar and wind power initiatives across the Kingdom, according to an official release. 

The minister highlighted the project’s global significance, stating that no other country has undertaken a geographic survey of this magnitude. 

The undertaking, part of the National Renewable Energy Program, will conduct an extensive geographic survey covering over 850,000 sq. km, with contracts awarded to Saudi companies. 

This area, excluding populated regions, sand dunes, and airspace restrictions, is equivalent to the combined landmasses of the UK and France or Germany and Spain. 

The survey will identify the best locations for renewable energy development based on resource availability and strategic priorities.

The initiative will contribute to achieving the Kingdom’s goal of having renewable power sources make up about 50 percent of the energy mix for electricity production by 2030. 

It will also support the nation’s Liquid Fuel Displacement Program, which aims to displace 1 million barrels per day of liquid fuels across utilities, industry, and agriculture sectors by 2030.

Starting in 2024, Saudi Arabia plans to launch new renewable energy projects with an annual capacity of 20 gigawatts, aiming to reach between 100 and 130 GW by 2030, depending on electricity demand. 

The project’s initial phase will involve deploying stations across the designated areas to gather comprehensive data. 

These stations will then be relocated to identified sites for permanent installation, providing continuous data collection. 

Solar energy measurement stations will record Direct Normal Irradiance, Global Horizontal Irradiance, Diffuse Horizontal Irradiance, dust and pollutant levels, albedo, ambient temperature, rainfall, humidity, and atmospheric pressure. 

Wind energy stations will measure wind speed, direction, temperature, pressure, and humidity at heights up to 120 meters. 

Data collection will employ the latest technologies and adhere to global quality standards. 

A platform by the ministry will monitor, record, and transmit the information, using artificial intelligence to assess and rank sites for renewable energy projects. 

The minister noted that the accuracy and continuous updating of the project’s data make it financeable in accordance with the requirements of relevant local and international institutions.

He added that this will contribute significantly to the immediate allocation of land lots for renewable energy projects and expedite initiative announcement and execution, after coordination with relevant authorities.

The undertaking aims to reduce the current 18 to 24-month waiting period for data acquisition, minimizing risks and enhancing investment attractiveness in the renewable energy sector, he added. 

The minister further stated that this project reaffirms Saudi Arabia’s commitment to its ambitious renewable energy targets, including producing and exporting eco-friendly energy and clean hydrogen.

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