Nicosia, June 12 : Speaking at a meeting of the Egyptian Electricity Holding Company, the country's Electricity Minister Hasan Yunis has said that the Egyptian Government plans to spend 7.5 billion dollars on power generation over the next five years.
Yunis said that in addition to raising Egypt's power generation capacity by 7,375 megawatts (mw), the investment would boost Egypt's wind, hydroelectric and solar power, and extend the country's aerial and terrestrial power lines by 7,700km.
The Minister added that he had managed to secure the greater portion of the funds needed to finance the scheme.
The new plants and the expansion of existing ones form part of Egypt's 2007-12 energy plan that will bring installed generation capacity in Egypt to more than 23gw.
Energy use has tripled in the last 20 years, with installed capacity now at 15,200 mw. Peak load has topped the 12,000mw mark.
Meanwhile, Egypt's electricity capacity output has grown at an annual 6.5 per cent over the last ten years and is expected to keep growing at such rates.
The Egyptian Government is committed to increasing investment in renewable energy, so that by 2020 about 20 per cent of the country's energy needs will be covered from renewable energy sources.