Arab Finance: The New and Renewable Energy Authority’s (NREA) revenues reached EGP 3 billion during the elapsed fiscal year (FY) 2022/2023, exceeding the target by over EGP 670 million, Ministry of Electricity and Renewable Energy stated on September 12^th.

The authority’s net profits hit EGP 268 million during the period from July 2022 to June 2023.

These figures were revealed during the NREA’s board of directors meeting headed by Electricity and Renewable Energy Minister Mohamed Shaker.

The statement also showed that the total energy produced during FY 2022/2023 reached approximately 4,000 gigawatt hours (GWh), which contributed to saving more than 645,000 tons of oil equivalent.

Meanwhile, the installed capacity of the NREA’s electricity production stations increased to about 1,340 megawatts.

Additionally, the ministry revealed that the operation procedures of a 250-megawatt wind energy project at the Gulf of Suez will begin within the few next weeks, with over EGP 6 billion in total investments.

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