Abu Dhabi, UAE – May 10, 2022 (Investorideas.com Newswire) The UAE has proactively invested in proven clean energy and within a decade, solar and peaceful nuclear energy have delivered a transformation of the UAE’s energy sector, ensuring the Nation is ahead of the curve on achieving Net Zero by 2050. His Excellency (H.E.) Mohamed Ibrahim Al Hammadi, Managing Director and Chief Executive Officer of the Emirates Nuclear Energy Corporation (ENEC), highlighted this during his keynote speech on day one of the inaugural World Utilities Congress, taking place this week in Abu Dhabi, UAE.
H.E. identified the challenges and opportunities for the utilities sector and the solutions available today. The challenges include the fact that the energy industry needs to power the world under a new and more complex framework of energy security. The industry also needs to produce this power more sustainably, whilst meeting climate change commitments and preserving natural resources, and continue enabling economic growth, progress, and prosperity for the world.
H.E. explained that for many years the UAE leadership has focused on sustainability, energy security and energy diversification. With the commercial operation of two of the four Units at the Barakah Nuclear Energy Plant, ENEC is delivering a climate solution today that enables rapid large-scale decarbonization alongside growth and continues to develop nuclear technology in the UAE as a catalyst for further innovation in the clean energy transition.
H.E Al Hammadi commented: “The second of our four reactors at the Barakah Plant entered commercial operations in March this year. Barakah is now generating 2.8 Gigawatts of electricity, making it the largest source of clean electricity in the country. With all four reactors online, nuclear energy will meet 25% of the UAE’s electricity demand. It has also delivered large-scale decarbonization and when fully operational, the Plant will prevent around 22.4 million metric tons of carbon emissions every year.”
There are major economic benefits too. A recent research paper by S&P Global shows that Barakah will reduce gas consumption by around 1,000 million cubic feet per day or 205,000 barrels of oil per day in equivalence. This is a financial saving of almost 7.4 billion US dollars per annum in terms of oil barrels. More importantly, Barakah saves precious natural gas resources to allow the UAE to accelerate its path to becoming a net LNG exporter by 2030.
H.E. Al Hammadi added: “As a contributor to progress, we have created an industry that employs thousands of people in just a decade. We have the expertise and knowledge in the civilian nuclear industry and a local nuclear industry supply chain worth billions of dirhams. But the Barakah Plant and its immediate economic benefits are just the tip of the iceberg. Beyond Barakah is the delivery of the wider UAE peaceful nuclear energy program. The program has set forward the need to invest in technologies that can be leveraged to extract greater value and opportunity, towards our Net Zero ambitions.”
His Excellency also spoke at the Nuclear Leadership Forum. He highlighted that 8 of 10 of the world’s most sustainable nations already include nuclear in their portfolios. More recently a wave of countries across Europe, the Middle East, Asia and America have also reaffirmed their commitment to this zero-carbon source. The reason behind this growth is simple – a source of high-capacity clean electricity, such as nuclear, reinforces domestic energy security, enables undisrupted economic growth whilst eliminating carbon emissions.
H.E Al Hammadi stated that UAE companies are eagerly buying clean energy certificates as part of Abu Dhabi Department of Energy’s Clean Energy Certification scheme to demonstrate proof of the clean electricity they use, which has been produced at the Barakah Plant and Abu Dhabi’s solar facilities to access the $30 trillion ESG market. Looking forward to future technologies, H.E Al Hammadi stated ENEC is looking at investments in new small modular reactors (SMRs), as well as clean hydrogen, to continue driving the UAE’s path to Net Zero.
About the Emirates Nuclear Energy Corporation
The Emirates Nuclear Energy Corporation (ENEC) is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy. Established by decree in December 2009 by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates, ENEC represents all aspects of the United Arab Emirates Peaceful Nuclear Energy Program.
ENEC’s flagship Barakah Nuclear Energy Plant is generating safe, clean and reliable 24/7 electricity for the United Arab Emirates, supporting the Nation’s social and economic growth and tackling climate change. As a result, the Barakah Plant is a sustainable powerhouse for the Nation, spearheading the United Arab Emirates’ Net Zero by 2050 Strategic Initiative by leading the largest decarbonization effort in the UAE and Arab World. ENEC is exploring further opportunities through its R&D Roadmap, including advanced nuclear technologies such as Small Modular Reactor (SMR) technology and clean hydrogen generation, as well as in related industries, such as space exploration, agriculture and medicine.
About Nawah Energy Company
A Joint Venture subsidiary of the Emirates Nuclear Energy Corporation (ENEC) and partially owned by the Korea Electric Power Corporation (KEPCO), Nawah Energy Company has been mandated to safely operate and maintain Units 1 to 4 of the Barakah Nuclear Energy Plant in adherence to the highest standards of quality, safety, security, and operational transparency.
Nawah is a multinational, multicultural company committed to operating excellence through its skilled nuclear energy workforce in the United Arab Emirates, with a focus on the development of UAE Nationals, and ensuring the highest levels of efficiency and standards in operating the Barakah Plant.
About Barakah One Company
A Joint Venture subsidiary of the Emirates Nuclear Energy Corporation (ENEC) and partially owned by the Korea Electric Power Corporation (KEPCO), Barakah One Company is in charge of representing the financial and commercial interests of the Barakah Nuclear Energy Plant project.
For more information, visit www.enec.gov.ae
If you would like to be removed from the distribution list for ENEC emails, please email firstname.lastname@example.org, with ‘Unsubscribe’ in the header.
This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
RenewableEnergyStocks.com: investing ideas in renewable energy stocks
Like Renewable Energy Stocks? View our Renewable Energy Stocks Directory