Electrical energy investment in the Middle East and North Africa will reach 260 billion by 2022
The APICORP issued a record this week that in the following 5 years, the Middle East and North Africa countries will certainly need to invest US$ 260 billion in the power sector to fulfill the region's growing electricity demand.
The Middle East and North Africa region, that includes the oil-producing nations of Saudi Arabia, Iran, and Iraq, must include 117 GW of electricity prior to 2022 to satisfy neighborhood need.
APICORP mentioned that the location of power generation in the region should spend 152 billion U.S. dollars, with the remainder being utilized for power transmission and also distribution projects.
Currently, the power generation in the center East and North Africa is 321 GW. By 2022, the typical yearly growth price of power generation in the area ought to reach 6.4% to satisfy the growing demand.
APICORP approximates that six countries coming from the Gulf Cooperation Council (GCC) - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia as well as the United Arab Emirates - will need to spend US$ 89 billion to increase 43 GW of electrical power in the next 5 years.
Amongst them, the United Arab Emirates and also Saudi Arabia are expected to lead by US$ 33 billion as well as US$ 21 billion specifically. Furthermore, Iran has to add 25 GW of power to its existing ability of 77 GW, which is expected to reach 50 billion U.S. dollars.
Iraq is an additional nation abundant in oil resources. By 2022, it will should spend 39 billion U.S. dollars to increase 12 GW of electricity.
Egypt, one of the most populated country in the area, is approximated to need 46 billion U.S. dollars to spend 22 GW of electricity to increase its capability to 60 GW in 2022.
APICORP likewise claimed that it is worthwhile for the countries in the Middle East and also North Africa to increasingly utilize tidy energy such as solar energy and also nuclear power to create electrical energy.