BAKU, Azerbaijan, June 5. For a successful integration of new energy sources into the system, it's vital for traditional and new sources to be mutually integrated, Saudi Aramco Senior Vice President Fahad K. Al Dhubaib said during the "Executive Talks: Energy Security 2.0" panel at the 29th Baku Energy Forum, TurkicWorld reports.
"Let's begin by addressing pivotal aspects crucial to the energy transition and ensuring reliability and security. Firstly, as we incorporate more energy sources into our system, it's imperative for traditional and new sources to collaborate, particularly in addressing storage challenges. While oil and gas offer storage durations of 30 to 45 days with flexible shutdown capabilities, In the case of renewable energy resources or the electrical system, we are talking about storage times measured in mere hours," he explained.
He stressed the importance of harmonizing both systems during the transition phase.
"This underscores the necessity to discuss storage, backup capacity, and grid connectivity as vital components of technological security. Secondly, we must confront the uncertainty or fragmentation in energy policy. Many of our investments span a 20-year horizon, making policy stability critical for the success of these long-term initiatives," he emphasized.
To note, over 600 delegates are participating in the forum, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
