(MENAFN- Muscat Daily) Muscat- Oman Power and Water Procurement Co (OPWP) has deferred the Misfah independent power project (IPP) for at least one year as the company identified a reduction in forecast demand for electricity.
OPWP last year had initiated a major project to develop new power generating capacity (approximately 750-850MW) at Misfah. This project was intended to meet the demand for electricity on the Main Interconnected System forecast for 2021.
OPWP constantly monitors the development of electricity demand and has, since initiating the Misfah IPP (Power 2021) project, identified a slowdown in growth rate of demand for electricity, the company said in a statement on its website.
'This reduction in forecast demand for electricity is due to a number of factors including the successful implementation of cost reflective tariffs, improvements in the efficiency of electricity production and utilisation and the use of state-of-the-art demand forecasting techniques. As a result, OPWP is pleased to announce the deferral of the Power 2021 project for at least one year', OPWP said.
It said this deferral of expenditure will greatly assist in containing the level of subsidy provided by the government to the electricity sector and also to any increases that may be required in future to cost reflective tariffs.
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