New Energy market report from Business Monitor International: "Qatar Power Report Q4 2012"
Boston, MA -- (SBWIRE) -- 12/27/2012 -- BMI View: Despite a growing number of gas export projects, the state-controlled power industry remains committed to the use of gas as its primary energy source. Over the longer term, there is renewables potential - particularly in solar energy - and Qatar may flirt with the possibility of nuclear power. In the meantime, Qatar is in a race to build gas-fired generation in order to meet the growing demands of an expanding population and a rapidly growing economy.
Key trends and developments in the Qatari electricity market:
- The Qatari government is planning to spend more than US$5bn by end-2013 to increase its electricity and potable water generation capacity, according to Qatar Electricity & Water Company (QEWC) CEO Abdulsattar al-Rasheed. US$2.4bn will be invested in 2012, while US$2.8bn will be spent in 2013. New projects include a 2,250 megawatt (MW) power plant. According to Commercialbank Capital, the government will invest US$9bn and US$6.9bn in the power and water sectors respectively over the coming years.
- On May 29 2012, Qatar Solar Technologies - a joint venture (JV) between German-based Solarworld and several Qatari entities - announced that it had secured US$1bn worth of financing for the construction of a flagship polysilicon plant in Ras Laffan Industrial City. The plant will initially produce 8,000 metric tons of polysilicon per year and is designed to expand as demand grows. The government is aiming for solar power to account for 10% of total energy consumption by 2018. However, our forecasts are more pessimistic, and we do not expect renewables to feature prominently in the country's energy mix for the foreseeable future.
- During the period 2012-2021, Qatar's overall power generation is expected to increase by an annual average of 6.7%, reaching 46.6 terrawatt hours (TWh). Driving this growth is an annual 6.0% gain in gas-fired generation, which remains the key form of power supply in the country.
Conventional thermal sources are expected to remain the dominant fuel for electricity generation in the coming years, with all power projects currently planned or under construction using gas. - Following an increase in 2011 real GDP of an estimated 14.7%, BMI forecasts average annual growth of 4.5% between 2012 and 2021. The population is expected to rise from 1.94mn in 2012 to 2.22mn by end-2021, with net power consumption anticipated to increase from 24.1TWh to 42.3TWh over the same period. During the 2012-2021 period, the average annual growth rate for electricity demand is forecast at 6.7%.
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