Image: ACWA Power
Speaking at the Egypt Renewable Energy Conference held last week, CEO of ACWA Power, Paddy Padmanathan, highlighted that speeding up the procurement for renewable energy projects in Egypt could drive the reduction of the country’s dependence on fossil fuel power plants.
In recent weeks, many energy projects have been completed in Egypt, with ACWA Power citing this as an opportunity to procure more renewable energy at a faster pace. The plan entails completely phasing out the country’s dependence of fossil fuel plants to reduce Egypt’s energy costs and carbon content.
Padmanathan said: “Solar and wind energy costs, which are already competing with tariffs for fossil fuel generated electricity per kilowatt-hour, can be further reduced even during a time period where interest rates are rising, as technology keeps driving cost lower. However, there is also a need for government to support the sector through regulatory frameworks that remove the burden of customs, duties, and taxes on electricity; a basic commodity that is vital to all human endeavours and to life itself.”
Padmanathan stressed that, while globally it has been accepted that renewable energy is an ideal way forward and, lack of know-how in the sector is apparent and thus hindering renewable energy growth.
Also speaking at the energy conference, International Renewable Energy Agency (IRENA) Director-General, Mr. Adnan Z. Amin presented the Renewable Energy Outlook: Egypt Report prepared by IRENA, in collaboration with the New and Renewable Energy Authority, which states that Egypt plans to source 20 percent of its electricity from renewable energy by 2022, which would see a 42 percent increase by 2035.
Currently, the country’s total installed capacity of renewables stands at 3.7GW.