Policy reforms to boost Oman's renewables-focused electricity market
MUSCAT: New policy initiatives unveiled recently by the Ministry of Energy and Minerals are designed to pave the way for a more decentralised, efficient and sustainable electricity market that benefits both producers and consumers, a key Ministry official has emphasised.
Dr Firas al Abduwani, Director General of Renewable Energy and Hydrogen, said the reforms centring around auto generation, direct sales and wheeling, aim to create a conducive environment for independent developers in Oman's expanding renewable energy space.
Participating in a webinar on the theme, 'The Role of Liberalisation in the Omani Energy Market', hosted by the British-Omani Society, the official stated: 'These reforms are designed to open up the market. Rather than having all transactions pass through Nama Power and Water Procurement (PWP), we are enabling bilateral agreements where eligible generators and consumers can transact directly while utilising the national grid for wheeling. This marks a crucial step in reducing dependence on centralised procurement and setting the stage for a more competitive market.'
The 'Renewable Energy Policy for Self-Generation and Direct Sale', launched earlier this year, seeks to promote sustainable development, encourage investments in clean energy and regulate electricity self-generation and direct sales. It is a key milestone in the country's energy transition as it targets generating 90% to 100% of its electricity from renewable sources by 2050.
Elaborating on the broader objectives behind these policy initiatives, Dr Al Abduwani noted that the Ministry is also embarking on a comprehensive energy market redesign. 'We are conducting a full assessment, similar to the exercise that led to the establishment of the regulator, to ensure a holistic and efficient market structure.'
Additionally, the Ministry, in coordination with the Oman Net-Zero Centre, is driving new initiatives such as renewable energy certificates and mandatory decarbonisation targets. 'The renewable energy certificate market will ensure that objectives and targets are met efficiently,' he said.
Furthermore, the government is evaluating various renewable energy and storage options, including pumped hydro, to enhance grid stability. 'We are looking at ways to integrate storage solutions and ensure that our policies support the growth of renewables without compromising reliability,' he added.
Beyond market liberalisation, Dr Al Abduwani emphasised the Ministry's vision for fostering national champions in the renewable energy sector. 'With Oman's vast renewable energy potential, we aim to see major national champions operating internationally, with OQ Alternative Energy (part of OQ Group) playing a key role. Simultaneously, we want to create ample space for independent developers to drive innovation, challenge norms and contribute solutions.'
Also taking part in the webinar were: Eng Hilal al Ghaithi, Director of Energy — The Authority for Public Services Regulation (APSR); Head of Project Development — Clean Energy, OQ Alternative Energy; and Mikey Clark, CEO of Relode. Session hosts included: Chris Breeze, Vice Chair — British Omani Society; and Anna Halpern-Lande, Co-CEO and Co-Founder, Ortus Climate Mitigation.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
10 hours ago
- Zawya
Ahlibank successfully leads OMR 100mln sovereign sukuk issuance with 2.6x oversubscription
Muscat: Demonstrating its growing leadership in Oman's capital markets, ahlibank, together with its Islamic window ahli islamic, has successfully led the issuance of an OMR 100 million Sovereign Sukuk for the Government of Oman, in collaboration with other local institutions. The transaction, which closed on 4 June 2025, was significantly oversubscribed by 2.6 times, with the final orderbook reaching OMR 260 million. Through a well-executed investor engagement strategy, ahlibank was able to tighten the average yield to 4.625%, lower than the initially set profit rate of 4.65%, thereby securing optimal pricing and outcomes for the Ministry of Finance. This transaction marks a major milestone for ahlibank as it represents the bank's first sovereign Sukuk issuance mandate from the Ministry of Finance. Executed in under two weeks, the issuance highlights ahlibank's strong institutional relationships and its capacity to mobilize the market swiftly and efficiently. The Sukuk attracted robust demand from a diverse investor base, including retail investors, conventional and Islamic banks, insurance companies, and pension funds. The robust investor response underscores the market's strong confidence in the Government of Oman's fiscal discipline, prudent economic policies, and stable macroeconomic framework. Led by ahlibank's Corporate Finance expertise, this issuance reinforces the bank's strategic role in supporting the government's funding objectives and contributing to the ongoing development of Oman's capital markets. In a statement on the successful issuance, Hanaa Al Kharusi, Senior General Manager, Wholesale Banking at ahlibank, commented: 'We are pleased to have partnered with the Ministry of Finance on this landmark issuance, which reflects our deep market expertise and strong execution capabilities. This successful transaction further solidifies ahlibank's position as a trusted advisor in the Islamic capital markets and underscores our strategic focus on supporting national funding objectives. It also reinforces our commitment to building long-term partnerships with key government entities, paving the way for future collaborations that contribute to the continued development of Oman's financial sector.' This achievement further positions ahlibank as a dependable partner for large-scale public issuances and demonstrates its ability to deliver timely and impactful results in a dynamic market environment.
Zawya
10 hours ago
- Zawya
NBO launches exclusive summer bonus with Shukran
Muscat – The National Bank of Oman (NBO) has announced a limited-time campaign in partnership with Landmark Group, giving customers 20% bonus Shukrans when they convert their NBO Rewards for the first time. From 2 to 29 June 2025, the campaign rewards customers who link their NBO Rewards account with the Shukran loyalty programme, unlocking added value on their summer shopping. As part of the offer, customers converting their NBO Rewards to Shukrans for the first time will receive an additional 20% in bonus Shukrans, with a maximum cap of 10,000 Shukrans per customer. The bonus is credited immediately and is valid for 90 days, offering ample time to enjoy added savings across Landmark Group's wide network of brands. Maha Al Raisi, Assistant General Manager and Head of Retail Products at NBO, said: 'We are excited to enhance our collaboration with Landmark Group through this summer campaign. By offering our customers 20% extra Shukrans on their first conversion, we are adding value to their shopping experience and giving them more ways to enjoy the benefits of their loyalty. It reflects our ongoing commitment to rewarding customers with convenient and engaging financial solutions that meet their lifestyle.' To participate, customers must register with both NBO Rewards and Shukran. Once linked, they can complete their first conversion directly through the NBO App and instantly enjoy the summer bonus. Shukran is the region's leading retail loyalty programme, offering customers the chance to earn and redeem rewards across popular Landmark brands including Centrepoint, Max, Home Centre, Babyshop, Splash, Lifestyle, E-max, and Oasis Mall. This partnership builds on NBO's commitment to customer-centric innovation and convenience in digital banking. More information on NBO banking services is accessible at through the NBO Call Centre at 24770000, or via the user-friendly NBO app. About Landmark Group: Founded 50 years ago with a single store in Bahrain, Landmark Group has grown into a retail and hospitality giant headquartered in Dubai. The Group operates over 2,200 retail stores and more than 160 leisure and hospitality outlets. Landmark's portfolio includes 25 homegrown brands and numerous franchises, establishing a significant presence across the GCC, Middle East, India, Southeast Asia, and Africa. Landmark's extensive brand portfolio includes Centrepoint, Babyshop, Shoemart, Lifestyle, Splash, Max, Home Centre, Home Box, Shoexpress, and hospitality brands such as Fitness First and Citymax Hotels. For more information, please visit our website or follow us on LinkedIn, Facebook, and Instagram.
The National
11 hours ago
- The National
UAE midday break for workers starts today
The UAE's midday break for outdoor workers came into effect on Sunday. The break runs until September 15 and prohibits work under direct sunlight and in open-air spaces between 12.30pm and 3pm. The annual initiative, overseen by the ministry of Human Resources and Emiratisation, was first introduced in 2004 and gives employees respite from the scorching summer heat. Companies will be fined Dh5,000 for each time a worker breaches the midday ban and up to a maximum of Dh50,000 if several cases take place. The safety measures came back into force after the UAE has seen climate records tumble. The country has recorded its hottest April and May since records began. 'Now in its 21st consecutive year, the Midday Break is rooted in a sustainability-centred approach that the UAE implements in line with its commitment to providing a safe working environment as per international best practices and occupational health and safety standards, protecting workers from injuries and illnesses caused by working in high temperatures during the summer months,' the ministry said on social media. The ministry said 51 infractions were uncovered last year as a result of 134,000 inspections, down from 96 the previous year.
