Climate Changed Saudi Arabia Gets Cheapest Bids for Solar Power in Auction
Publication Date:
Oct 03, 2017
Sector:
Saudi Arabia received offers to supply solar electricity for the cheapest prices ever recorded, marking the start of a $50 billion program to diversify the oil producer’s domestic energy supplies away from fossil fuels.
Competitive solar tenders have decisively contributed to rapidly declining solar PV prices across the globe. In Saudi Arabia, an October 2017 auction resulted in a new record low for solar PV with one bid at 1.79 US cent/kWh. Solar prices are, however, not fully comparable because of country-specific factors and different parameters of each auction.
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