General Electric Co. secured a $700 million contract to supply turbine and generator units for Egypt’s first nuclear power project, the company said. GE will supply four turbine units for the country’s planned 4,800 megawatt El Dabaa nuclear facility, it said Tuesday in a statement. The company will deliver one turbine each year from 2023 until 2026, and the units will begin operating at the rate of one per year from 2026 until 2029, Michael Keroulle, chief commercial officer for GE’s Steam Power business, said in a phone interview. Egypt, with an expanding population of more than 95 million and vast energy needs, wants to diversify its energy sources. In addition to building a nuclear plant, the country has said it wants to boost capacity to generate solar and wind power. The North African nation, which currently relies on oil and natural gas for more than 90 percent of its power, targets producing 20 percent of its electricity from renewables by 2022.
Bloomberg 9th Oct 2018 read more »