A plan for reform in energy subsidy will be implemented in Egypt within the next five years. The plan includes protecting the less fortunate, said Abel-Fattah el-Sisi on Monday at the Abu Dhabi World Future Energy Summit.
The Egyptian president traveled on Sunday to the UAE to attend the energy summit and to meet with officials from the UAE.
The availability and managing the demand of energy for Egypt is a top priority for its development agenda said el-Sisi.
The Egyptian president said that the limitation of traditional resources in energy have necessitated using energy sources that are renewable such as wind and solar.
The president of Egypt said the government has a goal of having 20% of its energy production in 2020 from renewable sources.
He called on attendees at the summit to participate in March as the Economic Development Conference being held in Sharm El-Sheikh.
The president of Egypt said that the energy development program for Egypt included producing over 4,300 megawatts from the power plants that make electricity from wind and solar energy by 2018.
Solar energy is just 1% of the production of electricity today in Egypt.
The first gas station that is solar powered in Egypt, which is owned by Misr Petroleum, a petroleum products national distributor started operating in September of 2014 in Cairo.
The Egyptian president explained that the strategy on energy for the country includes diversifying from traditional source of its electricity in power plants by using a sustainable and balanced combination of clean coal, natural gas and nuclear energy.
Since July of 2013, after Mohamed Morsi the former president was ousted, Egypt has been given $10.6 billion in monies for aid from three of the Gulf States – Kuwait, Saudi Arabia and the UAE – most of the aid was in petroleum products.
China and Egypt made plans during December or cooperation in energy particularly when it deals with the building of power plants that are coal powered.
The government of Egypt is looking for new alternatives to mazut and natural gas to power factories and plants as the production of its domestic natural gas fields has fallen off while the production from new fields was stopped due to unrest politically.