Rome, 6th November 2020 – On Thursday 5th November, RES4Africa Foundation held the webinar Progress of power and renewable energy market in Egypt. The online event, attended by 150 people, aimed at presenting the current renewable energy situation in the MENA region, with a specific focus on Egypt. The meeting saw the participation of representatives of foreign investors (Riccardo Bicciato of BonelliErede and Mohamed El Hefnawy of Schneider Electric), experts in the energy sector (Salma Hussein) and representatives of European and Egyptian institutions (Hasan Ozkoc of MEDREG, Ehab Ismail of NREA, Eman Rashad of EETC), and was opened by RES4Africa’s Secretary General, Roberto Vigotti.
As one of the most populous and fastest-growing nations in Africa, Egypt has prioritized providing electricity to all citizens. To ensure continuous security and stability of energy supply, the country has launched the 2035 Integrated Sustainable Energy Strategy (ISES), which aims to set up the development of the country’s renewable energy and energy efficiency. In Egypt, the price of electricity produced by renewable projects has been steadily decreasing across the past several years to become more competitive than conventional fossil fuel sources. This has created strong demand in Egypt from commercial and industrial heavy electricity consumers to have access to electricity from private renewable energy producers. Rising demand, the falling cost of renewable energy and the discovery of new natural gas sources though have allowed Egypt to become an exporter of gas as it diversifies its energy mix to include more renewables. The country targets to generate 20% renewables in electricity generation by 2022 and to reach 42% by 2035.
“Egypt has set particularly ambitious goals from a renewable energy point of view, totally in line with our vision of a sustainable future for the entire continent” commented Roberto Vigotti, RES4Africa Secretary General “To achieve these results, once again it is essential to push international investments, which are crucial in order to respond to the country’s demand for sustainable and reliable energy”.