Solar Power Could Displace Oil in Persian Gulf Region, BNEF Says

Solar energy may be more attractive than oil-fueled power plants in the Middle East, suggesting governments should encourage sun power and preserve petroleum for export, Bloomberg New Energy Finance said.

Persian Gulf nations such as Saudi Arabia, Kuwait and the United Arab Emirates would benefit more from selling their oil rather than using it to generate discounted electricity, the London-based analysis company said today in a statement. Falling costs of photovoltaic panels have made solar power a better option for domestic generation, it said.