Oman has formally launched the first in the Middle East electricity spot market. Concerned about increasing the efficiency of power procurement, the spot market will enable licensed generators for the first time to offer their surplus capacity at the most competitive rate. Responding to household energy costs – sensitive in the country that saw protests over unemployment – and to protests that occured, Omani finance minister Sultan al-Habsi has been parallelly reviewing electricity and water prices. Oman’s government also decided to cap power tariffs for residential consumers throughout 2022 at December 2021 levels.
- Oman launches first Middle East electricity spot market