Demand for electric power in the MENA region is accelerating rapidly, and is set to continue to grow by seven percent annually in the coming decade, according to a report published by the Economist Intelligence Unit (EIU).
The report, titled MENA's electric power supplies to 2020, states that population growth, economic development and industrialization, driven by rising oil prices, are significant factors propelling demand for electricity, with some countries diversifying fuel sources and investing in renewable energies, especially solar power, as part of their efforts to expand power supply.
The report added that the Gulf Cooperation Council (GCC) interconnection grid, due for completion by the end of 2013, will enable power surpluses to be traded across the region.
One of the key drivers of the surging power demand in the MENA region is due to rapid population growth. Others include increasing urbanization and lifestyle improvements that come with growing economic prosperity, further enhanced by the resurgent construction boom that has now returned to the region.