Fitch expects continued energy growth in Egypt

Fitch Ratings expects growth of Egypt’s energy sector for the next ten years.

According to the Cabinet Information and Decision Support Centre (IDSC), this forecast is based on reports of geothermal, solar and wind energy plants coming on line.

Egypt will likely depend mainly on geothermal energy until 2030, an IDSC statement said yesterday.

Energy from natural gas will account for most thermal energy generated for the coming period.

The authors of the Fitch report expect the non-hydroelectric renewable energy to continue attracting investments from now until 2030 in view of the great potential of solar and wind energy.

“Wind and solar energies will grow more competitive and equipment prices will fall, making them cheapest sources of electricity in Egypt, making this country a regional centre for the production and export of electricity,” the statement said.