Israeli Companies Talk of Plans of Developing Renewable Energy Projects
This week a plan was announced by Israeli energy companies, such as NewMed Energy, which was formerly known as Delek Drilling, and Enlight Energy.
The announcement was about jointly developing, building, bankrolling and managing projects of renewable energy across North Africa and the Middle East.
Even countries that do not have any formal diplomatic ties with Israel will be included.
According to the two companies, they would be pushing into renewable energy markets via their partnership in a number of countries, such as Bahrain, the United Arab Emirates and Morocco.
These are the countries that signed the Abraham Records brokered by the United States. Other countries include Oman and Saudi Arabia, countries with which Israel wants to maintain warm relations.
Some of the other countries on the list included Jordan and Egypt, countries with which Israel has signed longstanding natural gas export agreements and peace agreements.
A new deal was signed by Israel with the European Union and Cairo back in June for export of natural gas via Egypt to the bloc.
According to NewMed and Enlight, they intend to work on projects relating to wind and solar energy in these countries, along with energy storage projects and explore new opportunities that these areas may offer.
The two companies
Launched in 2008, Enlight is listed on the Tel Aviv Stock Exchange. The company’s focus is on development and financing if renewable energy projects.
These include wind and solar facilities that can be used for generating green energy all over the world. The company currently has projects ongoing in Israel and several other countries.
These include Hungary, Sweden, Croatia, Serbia, Spain and the United States.
As for Derek Drilling, it worked with different partners in Israel, which led to the discovery and later development of natural gas fields.
These include Tanin, Karish, Tamar and Leviathan. The Israeli government signed a controversial agreement with Derek in 2015.
This natural gas framework required the company’s holdings in Tanin, Karish and Tamar to be sold off for breaking its monopoly.
Natural gas operations
In the late 2000s, after natural gas was discovered in Israel, the country set up a sovereign wealth fund for investing the expected energy windfall.
This was done for the benefit of the state and not for the consumers, who have had to pay high prices of electricity.
The natural gas operations in Israel have allowed the country to enjoy a great deal of independence. In addition, it has also protected it from the worst of the energy crisis that the world is currently facing.
This is primarily because of the war between Russia and Ukraine, which has prompted most countries in the region to suffer because resources are limited.
The only exception is Saudi Arabia, as the country is crude oil’s largest exporter in the world and also boasts the second-largest reserves. In fact, it makes up 15% of all the world reserves.
Lots of countries are turning towards renewable sources for generating energy because of the climate crisis that appears to be escalating.