Egypt Ranks 4th in Value of Energy Projects in MENA: IDSC

Egypt ranked fourth out of 21 countries, regarding energy projects' value in MENA Region during 2022-2026, according to Cabinet’s Information and Decision Support Center (IDSC).

"Egypt targets to generate 42% of electricity from renewable energy sources by 2035," IDSC said, citing the report of APICORP that highlights the value of investments in the energy sector in Egypt and MENA.

In the same connection, IDSC unveiled that the value of energy projects in Egypt, whether planned or under implementation during the period (2022-2026), reached nearly $100 bn.

The estimated value of the 10 biggest gas projects is nearly $14 bn, compared to $12 bn for the 10 biggest oil projects in Egypt, it noted.

APICORP anticipated that the registered energy investment in the MENA region between 2022 and 2026 would reach $879 bn. "It is also expected that the region would have acquired 10-20% of the global hydrogen market by 2050," IDSC added.

The giant African state has topped the list of the top Arab countries in producing electricity from renewable resources, with a 3.5 GW of solar and wind capacity.

Egypt ranked first in the Arab region, followed by the United Arab Emirates with about 2.6 GW, Morocco with about 1.9 GW, Jordan with about 1.7 GW, and Saudi Arabia with a production volume of 0.78 GW.

"Egypt has been one of the first countries to establish wind power plants since 2000, and it is at the forefront of the Arab countries in the field of renewable energy," IDSC added, citing the main points addressed in the Global Energy Monitor organization report in June 2022, about renewable energy in the Arab region and its expectations during the coming period.

The North African country hoped to reach 6.8 GW in 2024, pided between 1.6 GW of wind energy and 1.9 GW of solar power plants, as the Sovereign Fund of Egypt has cooperated with the Norwegian company “Scatec” and other companies to operate the Ain Sukhna plant – the first green hydrogen plant – with a production capacity of 100 MW.

On the other hand, Oman, Morocco, and Algeria, the region’s top three countries, are set to produce 39.7 GW from prospective projects, which is the equivalent of more than four times the new gas-fired capacity from the three countries.

It’s worth noting that the plant is also expected to start operating in conjunction with the COP27 conference in November 2022.