ECRA: Power generation and transmission projects need SR526bn

Updated 11 July 2014
0

ECRA: Power generation and transmission projects need SR526bn

A whopping sum of SR 526 billion is needed for the implementation of power generation, transmission and distribution projects, local media said quoting a report released by the Electricity and Cogeneration Regulatory Authority (ECRA).
Based on a study on the estimated cost of electricity services during 1430-1441H, power generation will cost SR335 billion, or 63.7 percent of the overall costs, transmission SR121 billion (23 percent) and distribution SR70 billion (13.3 percent), the report said.
According to the estimates, the maximum power load will reach 71.940 GW by the year 1441 whereas the generating reserve will hit 15 percent, the report said.
In the fiscal year 1434-1435, a number of contracts were signed for the implementation of electric projects costing nearly SR 46 billion of which SR14.8 billion was allocated for generation projects, SR22.5 billion for transmission and SR8.5 billion for distribution projects, Al-Eqtisadiah daily said.
The volume of works and investments needed for electricity industry up to 1441 represents attractive opportunities to the private sector, according to the ECRA report.
The private sector companies could avail opportunities to implement independent projects for power generation, water desalination, construction, operation or lease of power transmission lines, management of current facilities, or provision of services to customers, the report added.
The report said ECRA pursues to select the best options in a manner to serve the interests of the Kingdom in coordination with the Ministry of Water and Electricity, the Saudi Electricity Company (SEC), Saline Water Conversion Corporation (SWCC) and other investors relevant to this area.


Pompeo says China is engaging in ‘predatory economics 101’

Would China have allowed America to do to it what China has done to America asked US Secretary of State Mike Pompeo. (AP)
Updated 18 June 2018
0

Pompeo says China is engaging in ‘predatory economics 101’

  • He said China’s recent claims of “openness and globalization” are “a joke.”

DETROIT: China is engaging in “predatory economics 101” and an “unprecedented level of larceny” of intellectual property, Secretary of State Mike Pompeo told a business audience Monday.
Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the US and China. Both nations started putting trade tariffs in motion that are set to take effect July 6.
He said China’s recent claims of “openness and globalization” are “a joke.” He added that China is a “predatory economic government” that is “long overdue in being tackled,” matters that include IP theft and Chinese steel and aluminum flooding the US market.
“Everyone knows ... China is the main perpetrator,” he said. “It’s an unprecedented level of larceny.”
“Just ask yourself: Would China have allowed America to do to it what China has done to America?” he said later. “This is predatory economics 101.”
The Chinese Embassy in Washington did not immediately respond to a request for comment.
Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.
“I reminded him that’s not fair competition,” Pompeo said.
President Donald Trump has announced a 25 percent tariff on up to $50 billion in Chinese imports. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. Trump also has slapped tariffs on steel and aluminum imports from Canada, Mexico and European allies.
Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump’s watch. Gary Cohn, Trump’s former top economic adviser, said last week that a “tariff battle” could result in price inflation and consumer debt — “historic ingredients for an economic slowdown.”
Pompeo on Monday described US actions as “economic diplomacy,” which, when done right, strengthens national security and international alliances, he added.
“We use American power, economic might and influence as a tool of economic policy,” he said. “We do our best to call out unfair economic behaviors as well.”