Oil prices fine, but diversification critical

The UAE energy minister told reporters yesterday that he is satisfied with current oil prices. Mohammad Bin Dha’en Al Hamli added that the market is well supplied. The minister was speaking on the sidelines of a press conference to announce Dubai hosting the World Energy Forum in October 22 to 24 under the title “A forum for World Leaders.” “The energy forum is an international one and its hosting by the UAE and especially Dubai has great importance… We expect unparalleled success,” he told media. The forum will bring together decision-makers of key countries to exchange ideas, specifically on renewable energy, he said. “The world needs a diversification of energy sources. In the UAE we are studying and looking into diversification of energy sources,” Al Hamli said. This is the first time that the forum will be held outside the United Nations head quarters in New York. The UAE has to take environmental issues into consideration in its development plans and initiatives because there is a strong link between energy, economic growth and sustainability, Al Hamli said during his speech. Asked about the power grid capacity to handle energy demands in the summer, Nejib Zafarani, secretary-general and chief executive of the Dubai Supreme Council of Energy said: “I can assure you, when it comes to Dubai, there’s plenty of capacity to meet any peak. We have a capacity of 8.7 giga and before the end of the year we will be 9.6 giga. There’s no issue, there’s enough capacity for DEWA to deliver to the community.” The UAE saw a 2.2 per cent reduction in electricity consumption in 2011 compared to the year before, he said. “We recognise that preserving our energy resources will be one of the greatest challenges in our drive towards sustainable development. This, however, will not materialise unless the different facets of our society adopt energy conservation principles in their core values. The future generations will be the chief beneficiary of our achievements and the best judge of what we accomplish in this field”,” said Saeed Mohammad Al Tayer, Vice-Chairman of the Dubai Supreme Council of Energy on behalf of His Highness Sheikh Ahmad bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy and President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group. From gulfnews