Bloomberg New Energy Finance, White Paper, Sun sets on oils for Gulf power generation, 2011
The Gulf Region has some of the world’s best solar resources. However, government in the region have historically valued oil and gas at cost and have provided their populations with subsidized electricity, two factors which have impeded the development of renewable energy. This study shows that falling costs of photovoltaic (PV) technology mean that solar energy is already a viable option for power generation in the region where it can be used to replace the burning of oil for power generation, as long as that oil is valued at the international selling price.
Full Report (9 pages): download here