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UAE Plans to Enter Electricity Export Market Globally

UAE Plans to Enter Electricity Export Market Globally

Thursday, 20 January, 2022 - 08:15
The power market platform will enable companies and institutions in the UAE to exchange electricity in the future. (WAM)

The United Arab Emirates is planning to establish a power market platform aimed at facilitating the export of electricity, said Energy Minister Suhail al-Mazrouei.

The ministry, in cooperation with its partners in the field of electricity, launched three strategic projects and initiatives during the Abu Dhabi Sustainability Week, he added.

The platform will allow companies and institutions in the UAE to exchange electricity in the future, the minister explained.

The ministry is currently conducting studies on the project and will later submit it to the cabinet for approval, marking the beginning of the UAE’s entry into the electricity export market globally.

The Ministry of Energy and Infrastructure is working in cooperation with its partners and local authorities in the country on a federal legislation for the electricity sector, which also requires the cabinet’s approval.

It launched an initiative to employ citizens in companies operating in the energy sector, as part of “Nafis” (compete) program.

This would contribute to creating a new generation of citizens specialized in the field of energy and supporting the localization of this vital sector, Mazrouei noted.

The ministry is working with its partners in the energy sector on a hydrogen strategy that will be launched soon, WAM quoted him as saying.

It launched on the sidelines of the COP26 conference a road map for hydrogen, he added, stating that the UAE aspires to become a hydrogen exporter and acquire at least 25% of the market share. Green and blue hydrogen is considered the future’s fuel, he stressed.

The UAE is committed to support OPEC+ in achieving balance in the oil market, Mazrouei said.

The alliance cannot address all the challenges in the sector alone, he stressed, adding that it needs more investments in various types of oil across the globe.

International companies working in this field should also continue their work, and investment in the oil and gas field should be stimulated.

In case all these factors are not implemented on the ground, the markets will suffer price hikes in the future, which would affect global growth.

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