IEA: The average annual electricity investment demand in Africa will reach 120 billion US dollars by 2030- Henan Shenghua Cable Group Co., Ltd

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IEA: By 2030, the average annual electricity investment demand in Africa will reach 120 billion US dollars

Author：Henan Shenghua cable group Click： Time：2019-11-11 00:00:00

The International Energy Agency recently released a research report stating that in the next two decades, population growth in Africa will tighten electricity supply and require investment in the electricity industry to double in order to sustain the electricity demand of all Africans in the future.

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The report points out that if African countries continue to develop electricity according to the current trajectory, around 2030, 350 million people on the African continent will be in a state of power shortage. To avoid this situation in the future, it is necessary to invest about 120 billion US dollars in the electricity industry.

The report also pointed out. Utilizing technological advancements and optimizing natural resources can help Africa's economy grow fourfold by 2040, while energy consumption only increases by 50%.

The population of Africa is currently growing at a rate of more than twice the global average. By 2040, it will have a population of over 2 billion. It is expected that its city will increase its population by 580 million, which is an unprecedented urbanization rate in history.

Although this growth will promote economic growth, it will put pressure on the electricity sector, which is no longer able to meet demand. Nearly half of Africans (approximately 600 million people) have no electricity. The IEA found that Africa accounted for nearly 70% of the global electricity shortage population last year, and this proportion has almost doubled since 2000.

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The IEA stated that the use of renewable energy in the future will provide assistance to the current electricity shortage situation in Africa, for example, Africa has great potential in utilizing wind, hydropower, and solar energy.

The report points out that although Africa has the world's largest solar potential, its solar photovoltaic power generation is only 5 gigawatts, less than 1% of the world's total installed capacity.

To meet demand, African countries should increase their photovoltaic power generation by nearly 15 gigawatts per year by 2040. Wind energy should also rapidly expand, especially in Ethiopia, Kenya, Senegal, and South Africa. Kenya should develop its geothermal resources.

In the past seven years, Africa has also discovered significant natural gas reserves. Natural gas can provide reliable electricity and drive industrial development, but the necessary infrastructure for development must be supported by strong public policies.

In recent years, China has had close relations with African countries, and many companies have gone to Africa to help with infrastructure construction and provide employment security. In the future, Chinese cable companies will also become important members of African power development.

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IEA: By 2030, the average annual electricity investment demand in Africa will reach 120 billion US dollars

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