The twin economic shocks triggered by low oil prices and COVID-19 containment measures will have a disruptive impact on renewable energy in 2020 and 2021. Further down the line, however, it will galvanise sector growth, as investors increasingly seek to diversify away from risky portfolios. Prospects will improve further if governments maintain their commitments to sustainable energy and improve their investment climates.
Egypt: Sisi’s power surplus
When Abdel Fattah El Sisi seized power in July 2013 Egypt was beset by chronic electricity shortages. Six years on, and total electricity generating capacity is nearly double the peak load. Much of the credit for this rests with the electricity minister, Mohammed Shaker, who was appointed in March 2014 before Sisi’s election as president, and with Sherif Ismail, who took over the petroleum ministry in July 2013 and set in place policies that stimulated a revival in the natural gas sector. However, the political dividends have accrued to Sisi, who can point to the turnaround in the energy sector as a notable achievement of his presidency – and as a justification for its extension.
