According to the article I have provided a link to at the end of this post, Saudi Arabia will more than double its current electricity generation capacity from 55GW to 120GW by 2020 and that while all of the existing power plants rely on fossil fuels, the majority of the plants to come online between now and the end of the decade will come in the form of solar power (41GW).
This might appear to be little more than hot air (no pun intended where EVM is concerned), except for the fact that crude oil for electricity production is just $4 a barrel meaning that at current prices Saudi Arabia is losing over $100 a barrel for each and every barrel that is not sold on the global market.
As the article itself states, diverting oil from export markets to domestic energy generation acts as a destabilising influence on Saudi Arabia's financial and social stability given how reliant the country is on the money made from exporting oil to global markets for its survival.
It was stated that Saudi Arabia will need to spend $200 billion over the next ten years to meet the demand for electricity and water which has risen by 8% annually over the past few years and continues to increase with a rising population. The population has increased from 20 million in 2000 to 28.3 million in 2012. That's a population explosion of 41.5% in just twelve years!
In light of the recent ASX announcement I thought this article would be of interest to holders and followers of the stock as it highlights the massive opportunities for EVM in Saudi Arabia.
http://www.nytimes.com/2014/06/18/business/energy-environment/18iht-ren-saudi18.html?_r=0
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