ACWA Power is focused on consumers in its desalination and power generation activities. Their strategy is to reduce risks and costs while meeting the requirements of their clients (ACWA Power Strategy, no date). The regulatory environment generally supports the endeavors of these companies. First, at the state level, various incentive mechanisms are established from the state for the transition to renewable energy (Chen, 2021). First of all, this is necessary to reduce oil consumption in electricity production and reduce the export of this type of fuel. Implementing industry measures to optimize control, supervisory, and permitting functions is more loyal for renewable resources companies.
Second, the stability and predictability of the regulatory environment should remain at least until 2030. The roadmap confirms this fact for developing the country’s Saudi Vision 2030 in various spheres of life, from education to the extractive industry (Nurunnabi, 2017). Further stability will depend on the successful implementation plans and on the experience gained in the framework of this program. The focus on environmental and environmental responsibility should ideally be maintained. For example, Chinese and European companies focusing on the experience of Saudi Arabia, including ACWA Power, are developing their solar power plants, which open up many opportunities for all market participants (Mosly & Makki, 2018). This fact means that, in general, the company’s activity solves problems of a global nature, which is why in the regulatory environment, while maintaining the current trends, ACWA Power will only meet with indulgences and actions for more comfortable business. This statement concerns the reduction of administrative barriers and bureaucratic activity and the use of behavioral economics approaches, international consultations in technological solutions, and cooperation projects with the state.
Reference List
ACWA Power Strategy (no date).
Chen, H. (2021) Renewable energy, security and environment. In Handbook of Security and the Environment. Northampton: Edward Elgar Publishing.
Mosly, I., & Makki, A. A. (2018) “Current status and willingness to adopt renewable energy technologies in Saudi Arabia”, Sustainability, 10(11), pp. 4269-4270.
Nurunnabi, M. (2017) “Transformation from an oil-based economy to a knowledge-based economy in Saudi Arabia: the direction of Saudi vision 2030”, Journal of the Knowledge Economy, 8(2), pp. 536-564.