Egypt achieves lowest renewable power prices
Egypt’s Minister confirmed world’s lowest renewable power selling prices and confirms 6 renewable energy projects.
Image for illustration purposes.
Egypt, Cairo: Egypt’s Minister confirmed world’s lowest renewable power selling prices and confirms 6 renewable energy projects.
Mohamed Shaker El-Markab, Egypt’s Minister of Electricity, New and Renewable Energy, confirmed that the selling price per kilowatt-hour of solar and wind energy in Egypt is the lowest in the world, and one of the most attractive prices for investment in this field in the world. He said the price of a kilowatt hour from the sun is 2 cents, and 2.4 cents for wind energy.
He also pointed out that the sector has succeeded during the past 9 years since 2014 in adding new transmission lines, an increase of up to 150 % over what was available 9 years ago, stressing that the Egyptian transport network is currently one of the strongest networks in the world.
He said that Egypt aims to reach 60 % renewable energy by 2040 and explained that the Egyptian strategy is to reach 42 % of renewable energy by 2030.
The Egyptian minister explained that there are 6 renewable energy projects currently under construction, comprising foreign investment of $4.4 B to generate 2,500 MW and pointed out the plan is for the total installed capacity of renewable energy to reach about 10,000 MW by 2025.
Dr. Hala Ramadan, Director of the Strategic Department at the New and Renewable Energy Authority at the Ministry of Electricity, revealed Egypt’s renewable energy plans, explaining that the Authority is working on establishing and owning renewable energy projects in an amount of approx. 1.2 GW, comprising wind or solar energy projects.
“The prices of renewable energy in Egypt are among the cheapest in the world, given the country’s vast resources in the solar and wind energy sectors, which makes investing in Egypt economically feasible,” says Wael El-Nashar, a solar energy expert and Chairman of the Board of Directors of OneraSystems, based in Giza.
Source: Energy&Utilities