Saudi Arabia's ACWA Power Begins Commercial Operations at Hassyan Power Complex

Model of the Hassyan Power Complex in Dubai. (ACWA power)
Model of the Hassyan Power Complex in Dubai. (ACWA power)
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Saudi Arabia's ACWA Power Begins Commercial Operations at Hassyan Power Complex

Model of the Hassyan Power Complex in Dubai. (ACWA power)
Model of the Hassyan Power Complex in Dubai. (ACWA power)

The Saudi company ACWA Power announced on Sunday the start of commercial operation of the Hassyan Power Complex, which has a capacity of 2,400 megawatts.

In a disclosure published on the Saudi Stock Exchange (Tadawul), the company received the commercial operation certificate from the Dubai Electricity and Water Authority (DEWA).

The last 600 MW power unit followed three other 600 MW units that had previously begun commercial operations.

The Hassyan Power Complex project in Dubai is one of the largest power stations in the region.

The project comprises four GE/Alstom 600 MW power units gross of ultra-supercritical boilers, steam turbines, and generators.

The plant was initially designed to operate on coal, but subsequently, based on a decision by DEWA, the off-taker, with the blessing of the Chairman of the Dubai Supreme Council of Energy on 2nd February 2022, it was switched to operate on natural gas.

It will avoid approximately 30 million tons of CO2 emissions by 2030.

The project specifications require the plant to be constructed carbon capture ready, meaning that the installation of carbon capture equipment in the future should be without the need for any modification to the plant or hinder the plant availability.

ACWA Power owns 26.95 percent of the Hassyan Power Complex.

The company said that the financial impact of operating the project at total operational capacity is expected to become clear starting from the last quarter of this year.



Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.