Egypt in Talks Over Plan to Sell Power to Europe and Africa
Egypt has begun talks over plans to sell electricity to Europe and Africa, pressing its advantage as a producer of cheap renewable energy in a bid to become a regional export hub, the head of its sovereign wealth fund said.
The nation, which has a surplus of electricity, sees unspecified “power-hungry” countries to the north as possible customers, according to Chief Executive Officer Ayman Soliman. Egypt could supply Europe via a planned sub-sea cable to Cyprus and Greece.
“We are in talks with European infrastructure investors, advisers and energy traders to assess the viability and appetite,” Soliman said in an interview in Cairo. The transmission line “will position Egypt as a long-term renewable supply hub for Europe.”
Electricity exports could be a lucrative earner for Egypt, which is already becoming a natural-gas hub after offshore discoveries. The North African nation, which has capacity of about 50 gigawatts — a fifth of that excess — has long-used gas-fired plants and hydropower and is boosting use of other sources. Around 8.6% of the country’s power comes from renewables, and it’s targeting 20% by 2022 and more than doubling that by 2035.
Egypt’s capacity has been bolstered in recent years by three power plants co-built by Siemens AG, a $4 billion solar park in the south, Benban — one of the world’s biggest — and a wind farm. The country signed a $30 billion deal with Russia in 2017 to build North Africa’s first nuclear power plant, with capacity of 4.8 gigawatts.Read More..
Source : bloombergquint
