Abstract
Globalization of energy market in GCC countries is deepening not only through free-flowing international trade but also through foreign investment, market-driven domestic economies and industrialization. GCC nations are transforming their energy industry and market around the world which is promising their economic efficiency and technology development. Nevertheless, this open energy market across the world has raised a question about energy security and power demand. This energy market globalization has pushed the GCC Nations to pay attention to the control of supply and demand of power. Interconnection of power network between the GCC Region is optimistic pace to secure the future anticipated power fallouts. And also installation of Renewable Energy projects will support GCC to accommodate their increasing power demand. This paper discusses about how the energy market globalization has effect the power supply and demand of GCC nations, their concerns and recent progress towards its resolution.
Highlights
The Globalization of energy market is not a new phenomenon
GCC nations are transforming their energy industry and market around the world which is promising their economic efficiency and technology development. This open energy market across the world has raised a question about energy security and power demand
This paper discusses about how the energy market globalization has affected the power supply and demand of GCC nations, their concerns and recent progress towards its resolution
Summary
The Globalization of energy market is not a new phenomenon. For centuries, countries have been trading energy internationally. Energy consuming nations need ever-growing quantities of oil, gas and coal from abroad while energy producing nations need evergrowing amounts of foreign capital to develop the facilities necessary to extract more resources Both sets of countries must build and maintain huge amounts of infrastructure to process, generate, transport, and deliver the energy according to their citizens and industries requirements. Fast population growth and vast commercialization and industrialization is leading high demand of energy This issue has pulled the GCC nations to think about their power market and invest more on alternatives so as to reduce or stabilize their power consumption.
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