Oman''s new renewables policy to drive investments in energy storage
In March 2024, well-known Omani firm Nafath Renewable Energy signed an MoU with Takhzeen, a 100 per cent subsidiary of publicly traded firm ONEIC, to help introduce
Acknowledging the “absence” of energy storage technologies in Oman, notably because of the “high-costs” involved, the new policy nevertheless seeks to enable the deployment of economically feasible battery storage infrastructure and for these attendant costs to be recouped from large consumers benefitting from such investments.
MUSCAT: A new policy framework unveiled by Oman's Ministry of Energy and Minerals last week is expected to lend new impetus to the growth of integrated renewable energy capacity, encompassing not only generation and transmission, but crucially, energy storage as well.
This project will reinforce Oman's leadership in the energy transition and create lasting environmental and economic value for the Sultanate of Oman and its citizens.
Investments in energy storage, while a critical component of clean energy infrastructure, have lagged in the Sultanate of Oman, among other markets around the world, chiefly because of high, upfront capital costs, as well as concerns over energy efficiency.
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