Abu Dhabi will unveil a new energy policy later this year that will boost the financial appeal of renewable power, but keep down the cost of electricity in the emirate, the head of Masdar said yesterday.
As demand for power grows with the population and its broadening industrial base, the emirate is diversifying its energy sources, from simply burning its own oil and gas resources to a mixed portfolio including imported gas, solar and probably nuclear power.
"We need to adopt a new methodology for energy production," said Sultan al Jaber, the chief executive of Masdar, the government-owned future energy company.
"We have cheap sources of power today because our energy sector is being subsidised."
A new formula for calculating energy costs will be unveiled in the Energy Vision 2030, which is scheduled for release later this year.
The energy plan is expected to highlight a target of generating seven per cent of electricity from renewables by 2020, and should also include provisions for the development of nuclear energy and improvements in energy efficiency.
Under the new policy, the average cost of producing power would remain low because energy produced from conventional sources, such as natural gas, is cheaply produced.
Dr al Jaber declined to say whether the extra cost of renewables would be borne by the Government or by the consumer, in the form of higher electricity bills.
"As far as we're concerned, it's not going to be as expensive as it is being produced in Spain or in any other place," Dr al Jaber said.
"At the end of the day we have one price for all energy production. The low [cost] energy sources will help bring the renewable energy production cost down."
The emirate's energy plan will be influenced by the outcome of an ongoing federal government feasibility study for the application of civilian nuclear power in the UAE.
Electricity generated at solar plants, the emirate's principal green power source, still costs more to produce than market rates for power from natural gas, oil or coal.
But in the UAE the gap is widened further because of subsidies.
Expatriates in Abu Dhabi currently pay Dh0.15 per kilowatt-hour (kW/h) of power while Emiratis pay Dh0.05. This compares with the US, where residents pay an average of Dh0.41.
If renewables are to take off, either consumers will have to pay more in the form of higher tariffs, or the Government will need to absorb the loss, said Vahid Fotuhi, a Dubai-based energy economist.
"It comes down to one word: tariffs," he said. "Unless the state is willing to subsidise the gap or gradually increase the tariff, it's going to be uninteresting" to companies in the renewables industry.
A new strategy to encourage the growth of renewable energy sources could take a number of forms of financial support, including tax credits or feed-in tariffs that require utilities to buy a certain proportion of energy from renewables at a set price, said Hélène Pelosse, the director general of the new Abu Dhabi-based International Renewable Energy Agency (Irena).
"We have been using all the different options in Europe," she said yesterday. "The most important thing is the target. How you get there, the mix of technologies, is mainly up to each country to decide."
Abu Dhabi is expected to rely heavily on the development of large-scale solar thermal power plants to meet its seven per cent target. The plants use the heat of the sun to produce steam, which is then fed through a conventional electricity generator.
A construction contract for a 100-megawatt plant called Shams 1 is expected by the third quarter of this year.
The plant will the first in a string of similar-sized solar thermal developments by Masdar.
The energy plan is expected to assign priority to the development of nuclear energy, which could see the first reactor open in the country by 2017, and carbon capture and storage, a scheme to pipe emissions from natural gas plants into permanent storage in ageing oil wells.
Masdar says it will commit billions of dollars to a project to capture carbon emissions from three power stations and a steel plant, and officials have said the technology could eventually become a centrepiece of the country's drive to reduce its carbon footprint.
The plan could also include measures to boost energy efficiency. A study commissioned by the Executive Affairs Authority found that the Government could save itself the cost of two power stations if it undertook a full-scale effort to encourage energy-saving appliances and convince consumers to adopt less wasteful habits.
cstanton@thenational.ae
Company%20Profile
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if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
The%20specs
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Kanye%20West
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The%20specs
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Engine: 80 kWh four-wheel-drive
Transmission: eight-speed automatic
Power: 402bhp
Torque: 760Nm
Price: From Dh280,000
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Boston%20Strangler
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Matt%20Ruskin%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EKeira%20Knightley%2C%20Carrie%20Coon%2C%20Alessandro%20Nivola%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3Cbr%3E%3C%2Fp%3E%0A
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY%20PROFILE
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Pros%20and%20cons%20of%20BNPL
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
Habib El Qalb
Assi Al Hallani
(Rotana)
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The%20Specs
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Killing of Qassem Suleimani
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
COMPANY%20PROFILE%20
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Company%20profile
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Company%20Profile
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COMPANY%20PROFILE
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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COMPANY%20PROFILE
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now