September 6, 2011
Solar Tech is No Match for Gulf Oil
April Yee, The National
Subsidies for fossil fuels are preventing Gulf nations from taking advantage of the falling price of solar technology. The cost of panels that convert the sun's power into electricity has fallen by half in three years, but subsidies for power produced from oil and gas make carbon intensive energy much cheaper.
Frank Wouters, the director of Masdar Power, a renewable energy developer owned by the Abu Dhabi Government through Mubadala Development, its strategic investment company, said solar technology prices had fallen so much it could compete with power generated by diesel generators, if the price of diesel was liberalised. . .
TAGGED: The National, Solar energy, global energy market, foreign oil production, Gulf Oil, Middle East