Fitch Ratings expect increase in non-hydroelectric renewable energy sources in Egypt

CAIRO - 16 November 2022: Fitch Ratings expects the capacity of non-hydroelectric renewable energy sources in Egypt to increase in the short term by 19.7 percent to reach 4.5 gigawatts  in 2022.

 

This came during the follow-up of the Information and Decision Support Center of the cabinet (IDSC) on various international reports that deal with Egyptian affairs or fall within the scope of its interest.

 

The report indicated that in 2023, the capacity of non-hydroelectric renewable energy sources is expected to increase by 14.7 percent, to reach 5.2 gigawatts. This will also lead to an increase in the share of renewable energy sources from 7.3 percent to 8.3 percent of the total energy mix.

 

According to the report, the capacity of wind energy is expected to increase by 10.2 percent in 2022 to reach 6.4 TWh, and by 12.4 percent in 2023 to reach 7.1 TWh.

 

The capacity of solar energy is also expected to increase by 27.1 percent in 2022, to reach 2.4 TWh, and by 27.1 percent in 2023, to reach 3.1 TWh.

 

It pointed out that non-hydroelectric renewable energy sources will record the highest growth in the energy sector in Egypt, as the capacity of the sector is expected to reach 10.9 gigawatts over the next 10 years.

 

In the long term, according to the report, it is expected that the non-hydroelectric renewable energy capacity will increase from 4.5 GW in 2022 to 12.3 GW in 2031, which means an increase in the share of renewable energy sources in the total energy mix to reach 17.4 percent in 2031 compared to less than 8  percent in 2022.