Over the recent years, the GCC economies have been gearing up for a world without petroleum, as evidenced by their policies shifting away from their long reliance on oil receipts to fuel their progress in modern society. Although oil is still a major player in the energy industry, especially with the recent discoveries of new oil fields in the UAE, the future direction looks towards the adoption of more renewable energy sources. A future without oil is part and parcel of the growing sustainable development discussions in the region and this is rightly so.
In a world of energy, a new era has begun following the rapid ascent of key trends and developments such as renewables, electric cars, smart grids, low-carbon economic growth and many more. These trends have emerged as a result of the mounting international calls for better care and protection of the environment and natural resources amid the impact of climate change.
With the global power demand expecting to remain in an upward trajectory in the coming years – 50 per cent increase by 2050 as per an industry report – securing energy supply and access while keeping sustainability in mind has become imperative. This led experts to advanced technologies and innovative solutions to build a power infrastructure that is not only reliable, cost-efficient and resilient but sustainable as well.
In the GCC, the member states have been embracing clean and renewable energy generation to meet the growing demand. This is not only the job of the public sector. The private sector entities have a critical role to play to deliver a sustainable power generation method that works.
At Al Masaood Power Division, we know how crucial our role is in this regard as an organization involved in the development of various new technologies for energy generation. This is the reason we have committed to becoming the UAE Government’s active partner in helping prepare the country for a post-oil era.
The Division has been planning for this period by implementing relevant initiatives and programs according to top industry trends, which include continued investments in renewable energy that have started over the last decade. Funding in renewable energy will pour in despite trends showing that natural gas will remain the primary source of power in the region. The current share of natural gas stands at approximately 65 per cent of the region’s total electricity needs.
Digitalization is also at the center of our undertakings to enhance safety, deliver cost-efficient savings and streamline and achieve sustainability in our processes. We know for a fact that power systems with real-time sensors allow enhanced monitoring and control of assets and help avoid shutdowns through preventive maintenance. For smart grids, they provide valuable data on consumption, thus leading to better load forecasting, ensuring grid stability and reducing idle capacity. We seek to deliver similar benefits and more.
We are also looking at investing in hydrogen, which has been identified as a ‘fuel of the future’ since its production from renewable energy sources is sustainable. Hydrogen can also be used to store electrical energy for several weeks, which is a breakthrough in storing renewable energy. As a clean, environmentally benign and a sustainable-energy carrier, hydrogen holds the potential to provide a reliable supply of energy for meeting the growing global energy needs.
All these strategies are essential to Al Masaood Power Division’s path towards the future. They will reshape the organization’s journey and redefine its market leadership in the 21st century.