The UAE is looking to increase its target for power generation from clean energy to 30 per cent by 2030, the energy minister said yesterday.
"What we know is that at least 25 per cent [of electricity] is going to be from both nuclear and solar," Suhail Al Mazrouei said after a ceremony to launch the third annual State of Energy report.
“But there is potential to go to 30 per cent. It will depend on the number of projects we have and we are evaluating and putting these things together now,” he added.
Under the government’s current plans, nuclear power is the main source of non-hydrocarbon based electricity generation.
Four new South Korean-designed nuclear reactors are due to come online between 2017 and 2020, each with generating capacity of 1,400 megawatts. They will provide an estimated 25 per cent of the country’s electricity demand by 2020, replacing primarily the natural gas-generated electricity that makes up the bulk of power generation at present.
The additional renewable energy power generation in the country comes primarily from solar power.
Mr Al Mazrouei noted that the economics of solar power had been improving rapidly in recent years, noting the record-setting bid at the end of 2014 in Dubai for a 100MW solar power plant at US$5.98 per kilowatt hour.
That price is competitive with natural gas prices even after the further decline of oil and gas prices on international markets.
Last year, the government estimated that savings of between $1 billion and $3.7bn could be achieved by hitting its renewables target and now believes the savings could be even greater with the changed outlook for fossil fuels and renewable energy prices.
Mr Al Mazrouei praised plans to build up to 3,000MW at the Sheikh Mohammad bin Rashid Al Maktoum solar power park and said the post-oil economy in the Arabian Peninsula could be driven by solar.
“This is a very interesting time in the industry when the importance of renewable energy is at its peak after COP21 and when commodity prices have fallen significantly,” Mr Al Mazrouei said.
"Solar has an even greater role to play when it competes with steady sources of electricity supply, not just on the cost of generation," he said. "When it's availability is improved from 25 per cent to 40 or 50 per cent … we need to see technology evolving to cheaper ways of storing solar- generated power, then we could see the peninsula exporting [solar power] to Europe."
amcauley@thenational.ae
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Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.