Edison signs two MOU with QALAA and EGPC to build a combined cycle power plant in Abu Qir

With 180 MW of installed capacity, the power plant will contribute to the modernization of the local generation system bringing sustainable energy to the Egyptian.

Cairo, 27 November 2014 - Edison announces the signing of two Memorandum of Understandings with QALAA and Egyptian General Petroleum Corporation to build an 180 MW power plant (Combined Cycle Gas Turbine), which will bring more efficient and sustainable energy to the Egyptian customers.

Egypt's energy challenges and opportunities were at the heart of a series of meetings between Edison and Egypt's Minister of Oil and Mineral Resources, Sherif Ismail, Egypt's Minister of Energy and Renewable Energy, Mohamed Shaker and Italy's Depute Minister for Economic Development, Claudio De Vincenti. Through these agreements - which were signed on the sidelines of a workshop on energy efficiency organized by Embassy of Italy in Egypt and Edison, on the occasion of the Italian Presidency Semester of European Union Council - the company confirms its commitment in the country and the intention to remain a long-term operator that brings economic and social development to the region.

"Thanks to the new power plant, Edison contributes to the modernization of the local power generation system with higher efficiency Combined Cycle Power Plant reducing internal gas needs and having at the same time more gas available for other sectors and potentially exports - says Bruno Lescoeur, Chief Operating Officer of Edison -. With the two MoU Edison strengthens its presence in Egypt becoming an integrated energy operator with activities ranging from upstream to power generation".

The MoU with QALAA, a leading investment company in Africa committed to keep pace with projected economic growth and to provide needed energy capacity in the region, will lead to the building of a 180 MW new power plant (Combined Cycle Gas Turbine) which will bring safe and sustainable electric power to the Egyptian customers using the gas produced by the Abu Qir concession in the Nile Delta offshore.

The MoU with the national oil company EGPC envisages that a part of the new gas production in Abu Qir will be allocated to the power plant increasing the electric power available in the country thus reducing Egyptian lack of capacity. The energy produced by the CCGT plant will be secure, safe, affordable, sustainable, efficient and competitive thanks to Edison's significant expertise in the development and operation of power generation plants.

Edison is the oldest power company in Europe, its establishment dates back to 1884, and since then it has brought progress and development to the Mediterranean area. With the same approach Edison operates in Egypt as a long-term player which contributes to the country's development in a broad sense.

Today the company announces the support to a Ph.D scholarship for an energy research at the American University in Cairo. The candidate will investigate the current Egyptian energy situation and will identify possible strategies to improve the energy power sector in terms of efficiency and environmental impact. The research will be carried out in alternate periods in the American University in Cairo and in the Politecnico of Milan as well, offering to the candidate courses that integrate his background and complete the range of his competencies.

Edison is a key player in the Egyptian energy market where it operates since the 90's with activities that are focused on Exploration & Production of hydrocarbons. Actually it holds the exploration, development and production rights of the Abu Qir concession (located offshore in the Nile Delta), which is operated in joint venture with the Egyptian General Petroleum Corporation; it operates the West Wadi El Rayan license in the Western Desert and it has also a 20% interest in the Rosetta offshore concession.

In order to strengthen its presence in the country, Edison has also been extremely active during the last bidding round with the aim to reinforce the exploration asset portfolio. Today Edison brings its 130 years long excellence and competencies also in the Egyptian power generation sector aiming at contributing to the further development of the country.

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Edison, which is part of EDF Group, is the second largest gas company in Italy, operating in the production and sale of electric power and hydrocarbons sectors with an increasing interest abroad, especially in the E&P sector through 58 concessions and permits in Italy and 37 outside the country: Egypt, Norway, Croatia, Algeria, UK and Israel. In the E&P business the company can count on hydrocarbons reserves for a total amount of 360 million cubic meters equivalent, including reserves in the Egyptian concession of Abu Qir, of which Edison holds all the rights since 2009. Edison gas supply is 15.8 billion cubic meters and covers about a fifth of Italian needs.

 

Edison Press Office: Elena Distaso Tel. +39 338 2500609 elena.distaso@edison.it