Oman: Nation launches first electricity spot market in Mideast

The government has officially opened every first electricity spot in the Middle East, according to Oman’s news agency.

The government has officially opened every first electricity spot in the Middle East, according to Oman’s news agency.

The step has been taken in order to increase the power supply, across the region. However, because of low household energy costs, the country, last year, witnessed unemployment protests.

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Due to this first-ever electricity spot, there are expectations that the licensed generators would be able to provide enough amounts of power capacity at the most competitive rates.

There are chances that the timespan of the planned redirecting of the electricity subsidies for residential consumers would be increased to 10 years from 5 years because of the new spot.

In December 2021, the power tariffs were capped throughout 2022, with an increase of not more than 2-basis annually.

To re-structure the electricity sector, the Oman Investment Authority merged with various other suppliers and distributors, including Muscat Electricity Distribution Company, Mazoon Electricity Company, Majan Electricity Company, and Rural Areas Electricity Company (Tanweer). However, Dhofar Integrated Services Company would not be a part of this merger.

Omani finance minister, Sultan al-Habsi said that by the state news agency, the authorities were reviewing water as well as electricity prices in December. He further claimed that the decision taken on Wednesday would focus on lowering the electricity bills for residential consumers in the year 2022.

Sultan Haitham bin Tariq al-Said, who was facing his biggest challenge yet, has ordered to immediately speed up the government planes so that thousands of citizens can have employment amid the security crackdown.

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