AmCham Kuwait holds energy roundtable discussion with U.S. Department of State

American Business Council – (ABCK-AmCham Kuwait) hosted an Energy Roundtable Discussion in collaboration with the U.S. Department of State, bringing together key industry stakeholders, financial institutions, and policymakers to explore Kuwait’s evolving energy landscape, challenges, and investment opportunities.

The roundtable focused on Kuwait’s urgent need to reform its energy policies amid growing demand, rising production costs, and heavy subsidies that hinder private sector participation. With Kuwait recording the highest per capita energy consumption globally, and subsidizing electricity at just 1 cent per kilowatt-hour despite a production cost of 12 cents, the discussion emphasized the critical importance of developing a sustainable, market-based approach to energy pricing.

Participants highlighted that Kuwait’s energy demand is expected to triple by 2035, reaching 32–35 megawatts, which will require massive infrastructure investment. Currently, 400,000 barrels of oil per day are burned for electricity, making up 40% of the energy mix, with the rest primarily dependent on natural gas imported from Qatar.

The roundtable also addressed Kuwait’s ambition to increase oil production from just under 3 million to 4 million barrels per day, alongside a renewable energy goal of 15% by 2035, with 10% targeted from nuclear energy. The discussion introduced Small Modular Reactor (SMR) technology as a feasible solution to Kuwait’s energy diversification, providing faster deployment, lower land use, and longer operational life cycles than conventional systems.

Justin Friedman, Snr. Advisor for Commercial Competitiveness in Nuclear Energy in the ISN from the U.S. Department of State, focused on the potential broad role that nuclear energy could play in Kuwait’s energy security, providing reliable electricity and supporting a wide range of industrial applications from petrochemical processing to water desalination.

Anwar Almutlaq, Vice-President and Country Chairman Shell from Shell Kuwait and Alex Krunic, Snr. Advisor to the Chairman Commercial Bank (Tijari) Commercial Bank of Kuwait also showcased local efforts in reducing carbon emissions, expanding green bond portfolios, and scaling remote power solutions.

A key outcome of the discussion was the call for policy and regulatory reforms, particularly establishing fixed offtake pricing frameworks to support private renewable energy investment; Reducing energy subsidies to reflect true production costs and promote efficiency; and Enabling SMR deployment for off-grid applications, desalination, and industrial hydrogen production.

Participants emphasized the potential of SMRs in supporting Kuwait’s summer energy needs, powering data centers, and reducing land footprint compared to solar installations. With nuclear energy gaining traction globally, the World Bank’s announcement of increased financing for nuclear programs marks a pivotal opportunity for Kuwait to diversify and secure its energy future.

AmCham Kuwait remains committed to supporting the country’s energy transition by fostering strategic dialogue between public and private sectors and leveraging U.S. expertise and innovation in the region’s energy ecosystem.