POWER BUSINESS! Egypt In Talks Over Plan To Sell Surplus Electricity To Europe And Africa

Electricity has always been a major problem for several countries in Africa as much of the continent battles with generating 24/7 power supply.

However, there is a form of renewed hope as one African country is planning to step up to the challenge and change this sour reality.

Egypt is in talks to export electricity to Europe and other African countries. According to the head of its sovereign wealth fund, the North African nation would use its position as a producer of cheap renewable energy to become a major electricity exporter.

The Chief Executive Officer Ayman Soliman indicated that Egypt, which has a surplus of electricity, sees several countries in North Africa which lack constant power as possible customers.

Egypt is also looking at going beyond the shores of Africa. The country could also supply Europe via a planned sub-sea cable to Cyprus and Greece.

Soliman in an interview in Cairo said, “We are in talks with European infrastructure investors, advisers and energy traders to assess the viability and appetite.”

The transmission line “will position Egypt as a long-term renewable supply hub for Europe.”

Egypt’s capacity has been bolstered in recent years by three power plants co-built by Siemens AG, a $4 billion solar park in the south, Benban; one of the world’s biggest, and a wind farm.

In 2017, the nation signed a $30 billion deal with Russia to build North Africa’s first nuclear power plant, with a capacity of 4.8 gigawatts.

According to EuroAfrica’s website, the first stage of the Egypt-Cyprus-Greece line is estimated to cost 2.5 billion euros ($3 billion) and scheduled for commissioning by December 2023, with an initial transmission capacity of 1,000 megawatts.