The funds will be invested in several power generation, transmission and distribution projects being implemented as part of the country's five-year plan for 2007-12.
Speaking about plans for the current fiscal year, Yunis said that four 1,000-megawatt (MW) thermal power plants and two 500-MW gas-fired units are expected to commence operations this year. In addition, about 550 kilometers of power lines and ground cables would be extended during this fiscal year to connect power generation plants with the distribution network and load centers.
According to a recent report on Egypt's power sector published by Business Monitor International, a market research services provider, Egypt is expected to account for 10.71% of the total power generation of the Middle East and Africa region by 2013.
The country's sixth five-year plan predicts an annual growth rate of 9.1% for the power sector, as per-capita consumption of energy is set to rise by 7% annually during 2007-12. The plans include the addition of 8,547 MW of power generation capacity with renewable sources accounting for 12% of the new capacity, development of transformation stations with a combined capacity of 16,950 megavolt-amperes, and extension of air networks and ground cables for a total length of 52,330 kilometers.
There would be an increase of 7,550 MW of thermal power generation capacity, with compound-cycle generation accounting for 4,500 MW and steam units accounting for 3,050 MW of new power generation capacity.
The thermal power plants scheduled for commissioning in 2009-10, in accordance with the five-year plan, include the 700-MW steam unit at Tebin and four compound cycle power plants: Korymat 3, Nobaria 3, Al-Atf, and Sidi Krer, each of which will have a capacity of 250 MW. About 765 MW of new wind power generation capacity will be added, taking the country's total wind power generation capacity to 1,050 MW by the end of the sixth five-year plan period. About 82 MW of new hydropower capacity would be added to produce 580 million kilowatt-hours (kWh) per year, resulting in fuel savings of $50 million.
About 150 MW of solar power generation capacity is scheduled to be developed in the Korymat area in order to produce 984 million kWh per annum, resulting in annual fuel savings of 12,000 tons of oil equivalent. With the proposed addition of power generation capacity from renewable sources, Egypt is set to reduce carbon-dioxide emissions by 2.31 million tons per year by the end of the five-year plan period.