Effect of Energy Market Globalization over Power Sector of GCC Region: A Short Review

Abstract

Globalization of energy market in GCC countries is deepening not only through free-flowing international trade but also through foreign investment, market-driven domestic economies and industrialization. GCC nations are transforming their energy industry and market around the world which is promising their economic efficiency and technology development. Nevertheless, this open energy market across the world has raised a question about energy security and power demand. This energy market globalization has pushed the GCC Nations to pay attention to the control of supply and demand of power. Interconnection of power network between the GCC Region is optimistic pace to secure the future anticipated power fallouts. And also installation of Renewable Energy projects will support GCC to accommodate their increasing power demand. This paper discusses about how the energy market globalization has effect the power supply and demand of GCC nations, their concerns and recent progress towards its resolution.