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  • Iraq to pay $2.76 bln in gas and electricity debt to Iran

    Iraq has agreed to pay about $2.76 billion in gas and electricity debt to Iran after receiving a sanctions waiver from the United States, a senior Iraqi foreign ministry official said. Iraqi Foreign Minister Fuad Hussein was given the clearance during a meeting with U.S. Secretary of State Antony Blinken on the sidelines of the Riyadh Conference on Thursday, the foreign ministry source, who spoke on condition of anonymity because he is not authorised to speak to the media, told Reuters reports. .

  • Saudi Minister Of Energy And Iraq’s Minister For Electricity Discusses Electrical Connection Project

    The meeting discussed Saudi Arabia’s pioneering experiences in the field of smart meters and possible ways of transferring this technology to Iraq. It also addressed opportunities for Saudi Arabian and Iraqi companies participating as contractors and manufacturers in developing smart meters.

  • Chart: Wind & Solar Meet Majority of Electricity Demand Growth

    Data shows that there’s been significant progress in the production of solar and wind power over the past two decades. In 2022, solar added a record of 245 TWh of generation in 2022, while wind added a record 312 TWh - together accounting for 80 percent of the world's increased need for electricity that year. While this is a move in the right direction, coal and other fossil fuels were still needed to meet the world’s overall growing need for electricity.

  • Chart: Wind & Solar Meet Majority of Electricity Demand Growth

    Data shows that there’s been significant progress in the production of solar and wind power over the past two decades. In 2022, solar added a record of 245 TWh of generation in 2022, while wind added a record 312 TWh - together accounting for 80 percent of the world's increased need for electricity that year. While this is a move in the right direction, coal and other fossil fuels were still needed to meet the world’s overall growing need for electricity.

  • Saudi Electricity to raise $2 bln with dual-tranche sukuk with green tranche

    Saudi Electricity Company (5110.SE), majority owned by the sovereign Public Investment Fund, is set to raise $2 billion from a sale of dual-tranche Islamic bonds, a bank document on the deal showed on Monday. The company's offer is made up of 10-year green sukuk and 30-year conventional Islamic paper, the document showed. Orders for the 10-year tranche topped $9.2 billion and the 30-year tranche drew more than $6.2 billion in demand, both excluding interest from joint lead managers, the document said.

  • Saudi Electricity Company plans sale of dollar-denominated Islamic bonds

    SEC hired HSBC, Standard Chartered, JPMorgan Securities, First Abu Dhabi Bank, MUFG Securities, Mizuho, SMBC Nikko, SNB Capital, Al Rajhi Capital, Saudi Fransi Capital, Abu Dhabi Islamic Bank, Bank of China, Abu Dhabi Commercial Bank, Natixis, and Societe Generale as joint lead managers for the debt sale. The banks will hold meetings with fixed-income investors starting on Friday ahead of the sale of the bonds, or sukuk, as they are known. The proceeds from the sukuk may be in a green format, SEC, which is the kingdom's electric transmission monopoly, said.

  • Saudi Electricity Company plans sale of dollar-denominated Islamic bonds

    Saudi Electricity Company (5110.SE), which is almost 75%-owned by Saudi Arabia's sovereign Public Investment Fund, is planning to issue Islamic bonds denominated in U.S. dollars, it said in a bourse filing on Thursday. SEC hired HSBC, Standard Chartered, JPMorgan Securities, First Abu Dhabi Bank, MUFG Securities, Mizuho, SMBC Nikko, SNB Capital, Al Rajhi Capital, Saudi Fransi Capital, Abu Dhabi Islamic Bank, Bank of China, Abu Dhabi Commercial Bank, Natixis, and Societe Generale as joint lead managers for the debt sale.

  • Chart: Renewables Surpass Coal in U.S. Electricity Generation

    For the first time, more electricity was generated from renewable sources in the U.S. over the course of one year than from coal. In 2022, renewable energy sources created more than 900 terawatt-hours of electric power in the country compared to a little over 800 that came from coal. On a global scale, a similar change is coming - renewables are projected to outweigh coal electricity generation by 2027.

  • Kuwait reveals electricity, water bills to increase by 50%: Report

    Kuwait’s electricity and water ministry will increase electricity and water tariffs by 50 percent this year, according to an executive study, sources told Kuwait Times.

  • Mapped: Asia’s Biggest Sources of Electricity by Country

    Although clean energy has been picking up pace in Asia, coal currently makes up more than half of the continent’s electricity generation. No Asian countries rely on wind, solar, or nuclear energy as their primary source of electricity, despite the combined share of these sources doubling over the last decade.