MENA to save up to USD1bn a year with smart grids

INNOVATIONS

|
Image: By BiztechAfrica
MENA to save up to USD1bn a year with smart grids

The Middle East and North Africa (MENA) region is in the early stages of its smart grid development but stands to realise strong benefits, including minimum savings of USD300 million to USD1 billion per year for Gulf countries. 

This is according to a new report by Northeast Group, LLC.

The report says smart grid is an opportunity for MENA countries to incorporate their vast solar and renewable resources, manage growing demand, reduce carbon emissions and cut down on electricity system losses. 

It projects that the smart metering market will reach 16.1 million units by 2022 with cumulative capital expenditure of USD3.9 billion. The majority of near-term activity will be in the Gulf region, where Saudi Arabia and the United Arab Emirates are currently leading the way. By 2022, 86% of homes and businesses in the Gulf countries will have smart meters.  Other MENA countries outside the Gulf will develop at a slower pace - due largely to political risk - but represent larger market sizes and also stand to realize strong benefits from smart grid technologies. 

The report notes that governments of several MENA countries are experimenting with a number of policies to help curb domestic consumption of fossil fuels, including feed-in tariffs for renewables, conservation outreach campaigns, and electricity pricing mechanisms that more closely reflect the costs of electric service (regional electricity prices are currently among the lowest in the world).  Several high profile transmission interconnection initiatives are also helping these countries to use their systems more efficiently.

"Smart grid regulatory frameworks are in the early stages of development but progress is being made," Northeast Group added.

"Governments are realising they must incentivise energy conservation and are beginning to invest in the technologies necessary to make their grids smarter," the report says.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE INNOVATIONS NEWS

ITU beckons Nigerian innovators, SMEs

ITU Telecom World 2015 will be an opportunity for innovators in Nigeria to showcase their creative and business acumen. Read More

Samsung unveils SUHD TV in Nigeria

Samsung Electronics West Africa has introduced the world’s first Curved SUHD TV to Nigerian consumers at a launch organised to unveil its new range of Ultra High Definition televisions.  Read More

Two startups win funding in FinTech for Agriculture 2015

Village Capital has announced the first winners of its innovative program, East Africa: FinTech for Agriculture 2015.  Read More

think incubator welcomes four new tech start ups

Tech incubator think today announced four new entrants to its incubator as part of a new think Accelerated program.  Read More

KECOBO, Microsoft 4Afrika develop online IP registration system

Innovators and developers are being encouraged to test a new prototype IP registration system developed by Microsoft 4Afrika and the Kenya Copyright Board (KECOBO). Read More

Botswana’s Tendekayi Katsiga makes 2015 Tech-I finalists

US President Barak Obama is expected to be a guest of honour at the2015 GIST Tech-I finalists event to be held in Nairobi, Kenya. Botswana is being represented in the competition by Tendekayi Katsiga who managed to make it into the elite top 30 list.  Read More

Solar innovation to solve water purification problems

The recent Standard Bank Water 4 Africa challenge has awarded first prize of US$5,000 to the innovative MAJI 1200 water purification system.  Read More

Fundi bots develops robots to irrigate Ugandan farms

An enterprising Ugandan youth has developed an automated irrigation system that helps busy farmers in monitoring and irrigating farms at the touch of a button. Read More

Over 200 applications for Safaricom Spark venture fund

Over 200 Kenyan start-ups have submitted enquiries and applications for the Safaricom Spark Venture Fund, with applications now going into the short-list phase. Read More

Deaftronics and EmPowered nominated for Tech-I competition

The Botswana Innovation Hub has announced the nomination of two technology entrepreneurship start-up companies, Deaftronics and EmPowered as semi-finalists in the Technology Idea (Tech-1) 2015 competition.  Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

Kenyan SACCOS riding on innovation to attract customersKenyan SACCOS riding on innovation to attract customers

As confidence in mainstream banks remains low due to prohibitive interest rates, customers are embracing Savings and Credit Cooperatives (SACCO) as an alternative.

IN DEPTH

As curtain falls on MDGs, what next?As curtain falls on MDGs, what next?

Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.