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UAE Plans to Enter Electricity Export Market Globally

The power market platform will enable companies and institutions in the UAE to exchange electricity in the future. (WAM)
The power market platform will enable companies and institutions in the UAE to exchange electricity in the future. (WAM)
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UAE Plans to Enter Electricity Export Market Globally

The power market platform will enable companies and institutions in the UAE to exchange electricity in the future. (WAM)
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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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.