November 22, 2011
AND THEN WE'LL IMPORT THEIR TECHNOLOGY INSTEAD OF THEIR OIL:
Saudi Arabia poised to become solar powerhouse (Steve Hargreaves, 11/21/11, CNNMoney)The reason is mostly economic. The Saudis currently generate over 50% of their electricity by burning oil, which can consume up to an eighth of the country's total oil output. [...]
"This is eating into the Saudis' ability to export oil," said Logan Goldie-Scot, lead analyst for the Middle East and North Africa at the research firm Bloomberg New Energy Finance.
New Energy Finance estimates that given the projected price for both oil and solar panels, the Saudis stand to make 11% return on their money if they make big investments in solar power.
"Saudi Arabia has come around to the idea that this makes economic sense," said Goldie-Scot.
Posted by oj at November 22, 2011 5:34 AM
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