Investments in electricity sector cost LE515B in 4 years: Minister

CAIRO – 24 July 2018: The cost of investments in electricity sector has reached LE 515 billion since June 2014, according to Minister of Electricity Mohamed Shaker.

The minister clarified that a big number of these investments was funded by loans.

This came during this speech in the inauguration of the electricity sector's megaprojects in the presence of President Abdel Fatah al-Sisi.

The minister added that the cost of the projects that are set to strengthen the transport network recorded LE 54.4 billion, and the project of the electricity network distribution cost LE 27 billion.

Shaker noted that electricity will reach a global level by the end of 2019.

“The new and renewable energy is the future of Egypt, and we are able to produce renewable energy with a capacity of 90,000 megawatts. This is one of the most important strategies of the electricity sector; our goal is to sell to the neighboring countries,” the minister said.

“There is a feasibility study of an electricity linkage between Egypt, Cyprus and Greece," he added.

The minister stated that stations of Dabaa, Ataqa and Hamraouin are considered to be three of the most important electricity projects being implemented in the current period.

Shaker pointed out that the situation in the electricity sector was very difficult in the past and the crisis exacerbated in the summer of 2014, which forced the ministry to reduce loads up to 6,000 megawatts.

He referred to opening a new power station in Assiut, adding: "Upper Egypt was suffering before implementing of the urgent plan."

Assiut power plant spans on a land of 85 feddans, including eight power generating units with a capacity of 125 megawatts for each unit.

He explained that the construction of power plants in Sharm El-Sheikh, Ataka and Mahmudiya was completed in only 8 months.

President Sisi arrived earlier Tuesday to the New Administrative Capital to inaugurate three national megaprojects in the electricity sector.

The projects include three giant power plants carried out by the German company, Siemens, in the New Administrative Capital, Beni Suef, and Burullus with a total capacity of 14400 megawatts, or about 50 percent of the electricity grid, in addition to the world’s biggest Gabal al-Zeit wind station.