CAIRO - 4 July 2023: Egyptian Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, confirmed that Egypt aims to reach 60 percent of dependence on renewable energy by 2040.
Shaker explained that the Egyptian strategy was aimed at reaching 42% of the energy mix coming from renewable energy by the year 2030, but this strategy is currently being updated, based on the existing data and the availability of wind and solar energy resources and their low prices.
He further added that renewable energy projects, whether solar or wind, to generate electricity in Egypt were not affected by the global dollar crisis, stressing that investors in this field put the investment cost of projects in dollars and not in the local currency.
Renewable energy plants from sun or wind will be the least expensive in the coming years compared to conventional power plants that depend on fuel, he said.
Shaker added that announcing the prices per kilowatt-hour of sun and wind is considered the lowest in the world, one of the most important measures stimulating investment in this field, explaining that the price of a kilowatt-hour of sun is 2 cents dollars and 2.4 cents dollars for wind.