Egypt expresses 'deep dissatisfaction' to Netherlands over embassy attack    Global pressure mounts as Gaza fighting intensifies and death toll surges    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    At TICAD, Egypt's education minister signs pacts with Casio, SAPIX    Egypt holds special importance for our investments across diverse sectors: Japanese minister    Cairo, Tokyo sign LOI to expand educational cooperation, support for persons with disabilities    Madbouly invites Japanese firms to establish industrial zone in SCZONE    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Al-Sisi meets Qatar PM, Bahrain security adviser to discuss Gaza crisis, regional stability    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt obtains $5 billion for electricity
Published in Daily News Egypt on 20 - 12 - 2009

CAIRO: Minister of Electricity and Energy Hassan Younes announced the procurement of $5 billion in funds to "boost energy output in Egypt. The funds come from "international and regional financers , according to the MENA state news agency, although the minister did not identify the funders.
Over the next 17years, Egypt hopes to attract total investments of $110 billion for its energy sector, as it implements measures to enhance electrical infrastructure. A primary goal of the current 2007-2012 five-year plan is to add 9.200 megawatts to national electrical capacity, in addition to new transformer stations and extended power lines, according to MENA.
It is expected that total investments in this plan will arrive at about LE 80 billion ($14.54 billion) ... without incurring any financial burden on the state , Younes said.
Egypt's energy sector has attracted attention as policy makers have allegedly committed to alternative energy. In April of 2008, the Supreme Council for Energy pledged that 20 percent of Egypt's electricity will come from renewable sources by 2020. Over half of this, 12 percent or about 7000 mega watts (MW), will come from wind energy.
The pledge received international attention from both investors and environmentalists; the latest influx of cash, however, carries no earmark for "alternative .
Aktham Abou El-Ella, Under Secretary to the Minister of Electricity and Energy, told Daily News Egypt that the government needs to meet its basic obligation of providing electricity for citizens before going after more ambitious alternative projects.
He clarified that not all of the $5 billion will go to traditional (petroleum-based) electricity. $100 million will go to finance the grid-connected wind farms currently being developed.
He also pointed out that the figure of $5 billion is the aggregation of the past two years fund-raising efforts by the ministry to attract investors for the current five year period ending in 2012. Abou El-Ella specified that both European and Arab banks were responsible for the funds.
"The funds will be distributed to electrical infrastructure all over the country, they are not intended for one specific area or region, stated Abou El-Ella.
"The funds will be used to construct power plants, traditional power plants, he affirmed, then outlined plans for 140 MW of alternative energy, 120 of which will come from thermal power plants and 20 of which from solar.
He reaffirmed the ministry's commitment to wind energy: "We have currently have capacity for 430 MW of wind-generated electricity, and are developing the infrastructure to make use of 420 MW of that total.
He did not reference the 7000 MW figure quoted by his ministry in previous statements.
Egypt has prime conditions for alternative energy generation, whether wind, solar, hydroelectric or thermal, according to numerous studies commissioned by the government in preparation for the Electricity Bill. However, with citizens still experiencing power shortages and an aging electrical infrastructure, and with demand growing by 8 percent a year, according to Abou El-Ella, putting money in cheaper traditional energy sources makes too much sense for the short term to consider the long term implications.


Clic here to read the story from its source.