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.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.