MENA to save up to USD1bn a year with smart grids
INNOVATIONS| June 5, 2012, 10:55 a.m.
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.
MORE INNOVATIONS NEWS
High tech homes: Just press playHigh tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology. Read More
Young innovators shine during pitch sessionsBotswana saw an array of upcoming tech wizards selling their ideas during the Vendors’ Day pitch sessions this week. Read More
Is Botswana’s innovation fundable?Financiers meeting on the sidelines of the BIH Vendors’ Day in Botswana have debated whether Botswana’s innovation environment is mature enough to attract funding. Read More
Ericsson AHUB to Connect African Innovators and the Business CommunityEricsson has announced that it will be hosting an innovation station named “Ericsson AHUB” in partnership with Informa at AfricaCom 2015, Cape Town, 17- 19 November. Read More
ITU beckons Nigerian innovators, SMEsITU 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 NigeriaSamsung 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 2015Village 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 upsTech 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 systemInnovators 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 finalistsUS 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
FEATURED STORYAlcatel-Lucent VP calls for collaboration to achieve Data Revolution in Africa
The Vice president of Alcatel-Lucent Africa, Daniel Jaeger, has reiterated the need for African stakeholders to work together to address challenges in the way of ICT development in Africa.
BEST READ NEWS
IN DEPTHHigh tech homes: Just press play
High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.
COMPANY NEWSMTN SA expands its FTTH network to the Western Cape
MTN South Africa has expanded its fibre to the home (FTTH) footprint to the Western Cape, and trenching has already commenced in the picturesque suburbs of Fresnaye ...