Introduction

The Minister of Electricity, New and Renewable Energy in the Egyptian Government, Dr. Mohamed Shaker, confirmed that the selling price of kilowatt-hours of solar and wind energy in Egypt is the lowest in the world, as well as one of the most motivating prices for investment in this area in the world. adding that all contracts that occur are based on new prices.

Lowest Prices for Solar and Wind Energy

He said at a symposium on Egyptian electricity advances at the National Press Organ that the announcement of prices for kilowatt-hours of solar and wind energy, which are considered the lowest in the world, is one of the most important measures. encouraging investment in this area by explaining that the price of a kilowatt-hour from the sun is 2 cents for solar and 2.4 cents for wind.

Achieving Renewable Energy Goals

He explained that Egypt aims to achieve 60% renewable energy by 2040, explaining that the Egyptian strategy was aimed at achieving 42% renewable energy by 2030, but that strategy is currently being updated based on existing data and the availability of wind and solar energy. energy sources and their low prices.

Renewable Energy Projects Under Construction

The Egyptian minister said that 6 renewable energy projects are under construction, representing foreign direct investment worth $4.4 billion to produce 2,500 megawatts.

Future Plans for Renewable Energy

He pointed out that by 2025 it is planned that the total installed capacity of renewable energy will reach about 10,000 megawatts, according to the Middle East News Agency.

Shaker noted that new renewable energy projects are boosting electricity export opportunities in Europe, Asia and Africa, explaining that work is underway on a national green hydrogen strategy.

He underlined that Egypt has great potential to produce clean hydrogen, which is the least expensive in the world, explaining that increasing local hydrogen production will improve Egypt’s energy security and reduce oil imports.

International Investments in Green Hydrogen

He explained that 23 MoUs have been signed with international green hydrogen companies with investments in excess of $83 billion, with a total capacity of over 101 gigawatts.