RIYADH: The energy sector is experiencing an optimistic outlook as the EU is anticipating cutting dependence on Russian energy sooner than expected.
Through a micro lens, there is inconsistency, with South Africa’s Eskom to shut down amid additional generation unit losses and a delayed return to service. Meanwhile, Qatar Electricity & Water profits for the first quarter of 2022 jumped 17 million Qatari riyals ($4.6 million) when compared to the same period last year.
Looking at the bigger picture:
- The EU is projected to reduce reliance on Russian energy sooner than expected, Bloomberg reported, citing Italian Prime Minister Mario Draghi. This comes following Draghi’s agreement with Algeria to boost gas exports to Italy and Europe as a whole.
Struggling Pakistan has announced that it is cutting electricity flow to homes as it could no longer afford buying coal or natural gas to fuel its power plants.
This comes amid serious domestic political tensions as well as the war between Russia and Ukraine aggravating tight supplies and rallying energy prices, which accounted for the coal and natural gas deficiency in the South Asian country
Through a micro lens:
- South African electricity public utility Eskom has announced that it will implement power cuts from April 17 until April 20, amid additional generation unit losses, and delayed return to service, Bloomberg reported. Established in 1923, the public utility currently has 5,474 megawatts on planned maintenance, as well as 17,018 MW of unavailable capacity due to unprecedented breakdowns.
- The profit of Qatari public joint stock water supply company Qatar Electricity & Water surged during the first quarter of 2022 to reach 389 million Qatari riyals. This was up from 372 million Qatari riyals during the corresponding period in 2021, Reuters reported. As of March 31, earnings per share hit 0.35 Qatari riyals, up from 0.34 a year ago.