The energy transition in the Middle East is proceeding at a rapid pace. Renewable energy project contract awards in 2021 have eclipsed deals for conventional power plant projects as the region’s energy diversification agenda gathers pace, according to a new research report from MEED Insight. Middle East Energy Transition reports that there were no contract awards for oil-powered or gas-fuelled power stations in the Middle East and North Africa (Mena) region in the first half of 2021, while in the same period, there were about $2.8bn of renewable energy project contract awards in the region.
What are the current developments? What are the biggest drivers? And which sectors play a particularly important role? Benjamin Attia, Senior Research Analyst, Energy Transition Practice, Wood Mackenzie Power & Renewables tells us.
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Wood Mackenzie, also known as WoodMac is a global energy, chemicals, renewables, metals and mining research and consultancy group supplying data, written analysis and consultancy advice. It is based in Edinburgh, Scotland, though it has over 25 offices worldwide. Founded as stockbroker in 1923, the company's energy business was founded in 1973, when it started reviewing the North Sea oilfields.
Benjamin Attia is a Senior Research Analyst in the Energy Transition practice at Wood Mackenzie. He leads the firm’s coverage of power and energy transitions in emerging markets in Africa, the Middle East, and parts of developing Asia. Benjamin regularly advises renewable IPPs, private equity and sovereign wealth funds, and strategic and infrastructure investors on secondary market transactions, competitive positioning, market entry strategy, opportunity screening and more. Benjamin is also a 2021 National Fellow at the Clean Energy Leadership Institute, and a non-resident fellow at the Energy for Growth Hub, the Energy Access Project at Duke University, and the Payne Institute at the Colorado School of Mines. He is also a member of the executive committee for Intersolar Middle East