A new Oliver Wyman report, Delivering on the Energy Efficiency Promise of the Middle East, notes that natural gas supplies no longer meet local demand, and oil exporting countries have started to tap into money-generating fuel oil reserves, impacting both local economic growth and global energy security.
The report concludes that the upside of energy efficiency for a country like the United Arab Emirates, which wishes to enhance its competitiveness, is big.
Oliver Wyman models indicate that annual energy costs could be reduced by $3bn by 2030, assuming constant electricity production costs, with the majority of these savings (~51%) coming in the residential sector, followed by the commercial (~38%) and industrial sectors (~11%).
"The time is ripe for MENA countries to take a closer look at energy efficiency technologies and programmes," notes Marc Hormann, Oliver Wyman partner and co-author of the study.
"Even moderate adoption of proven energy efficiency measures could reduce energy demand by a one-quarter to one-half in the year 2030, greatly freeing up capital."
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Energy efficiency now will put UAE on the road to energy savings: Oliver Wyman study
- United Arab Emirates: Wednesday, February 15 - 2012 at 09:27
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Driven by increased population and escalating commercial and residential demand for electricity, especially in the summer months,Gulf States have become significant consumers of oil. Recent research by Oliver Wyman has found that, to address this issue, even modest steps toward greater energy efficiency by MENA countries would result in meaningful savings.
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Posted by Nadeen El AjouWednesday, February 15 - 2012 at 09:27 UAE local time (GMT+4)
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