NRG Matters — US plans to add 29GW of electricity capacity in H2; PIF-back Lucid Group halves production – EQ Mag Pro

RIYADH: On a macro level, the US is planning to add 29 gigawatts of new electric generating capacity in the second half of the year. Zooming in, Lucid Group’s shares have declined by 10 percent following its announcement of halving its 2022 production targets.

Looking at the bigger picture

– Jordan’s Ministry of Energy and Mineral Resources has launched the fourth phase of installing solar panels in underprivileged households at an estimated cost of 800,000 Jordanian dinars ($1 million).

The fourth phase includes 800 underprivileged families who are beneficiaries of the National Aid Fund in Irbid, Jerash and Ajloun, according to The Jordan Times.

– US developers are planning to add 29GW of new electric generating capacity during the second half of 2022, with nearly half of it from solar, Reuters reported citing the Energy Information Administration.

This comes as power consumption soars amid the rising demand for clean energy fueled by the global crisis.

Through a micro lens:

Abu Dhabi’s ADIPEC, a gathering for energy industry professionals, will launch this year the Decarbonisation Zone to discuss low-carbon technologies, according to Trade Arabia.

Amid a growing need for decarbonization strategies in the energy industry, the zone will be a forum for leaders in the sector to discuss low-carbon technologies.

Lucid Group, of which Saudi Arabia’s Public Investment Fund is the majority shareholder, has halved its 2022 production target for electric vehicles. The firm blamed extraordinary supply chain challenges, which sent its shares down by 10 percent in late trading.

The company now targets to produce between 6,000 and 7,000 luxury electric vehicles this year, down from 12,000 to 14,000 units it targeted in February, according to Reuters.

Source: arabnews