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Desert Sun to power Upper Egypt with $2.8b solar park

New park should help Egypt scale back its use of hydrocarbons  The first solar power plant has been installed at a remote desert location in Egypt, aiming to generate 1.8 gigawatts from the country’s abundant sunshine, reducing their reliance on dirty and expensive fossil fuels. It’s the first of an expected 32 units anticipated to…

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Desert Sun to power Upper Egypt with $2.8b solar park

New park should help Egypt scale back its use of hydrocarbons 

The first solar power plant has been installed at a remote desert location in Egypt, aiming to generate 1.8 gigawatts from the country’s abundant sunshine, reducing their reliance on dirty and expensive fossil fuels. It’s the first of an expected 32 units anticipated to be completed next year at a total cost of $2.8 billion. With 90% of Egypt’s current energy coming from oil and natural gas, this move will likely cut their hydrocarbon levels and energy bills, and possibly return the country to its former trade of gas exports.

Read more at Gulf News

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Energy transition market set to nearly double to $6 trillion by 2032, with Asia-Pacific driving growth

Energy transition market set to nearly double to $6 trillion by 2032, with Asia-Pacific driving growth

The global energy transition market is expected to nearly double in size to reach $6 trillion by 2032, driven by an annual growth rate of 11.1%. Key contributors to this growth include utilities, industrials, and governments, with the Asia-Pacific region playing a significant role. This transition involves a shift towards sustainable energy solutions on a global scale.

  • 01The global energy transition market is projected to reach $6 trillion by 2032.
  • 02The market is expected to grow at an annual rate of 11.1%.
  • 03Asia-Pacific is a major driver of growth in the energy transition market.

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EIA slashes oil price forecast 14% after U.S.-Iran deal reopens Strait of Hormuz

EIA slashes oil price forecast 14% after U.S.-Iran deal reopens Strait of Hormuz

The EIA has revised its Brent crude oil price forecast downward by 14% for 2026 following a U.S.-Iran agreement that reopens the Strait of Hormuz, alleviating a prolonged supply disruption. The price forecast has been adjusted to $82 per barrel from $95 per barrel. The reopening of the Strait is expected to ease tensions and improve oil supply stability.

  • 01The EIA has reduced its 2026 Brent crude oil price forecast from $95 to $82 per barrel.
  • 02The U.S. and Iran reached an agreement that reopens the Strait of Hormuz.
  • 03The reopening eases a five-month oil supply crisis.

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Clean energy investment hits $2.2 trillion in 2026, nearly doubling fossil fuel spending

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Global energy investment is projected to reach $3.4 trillion by 2026, with clean energy spending nearly doubling that of fossil fuels. The International Energy Agency's latest report highlights this trend, showing a significant shift towards sustainable energy sources.

  • 01Clean energy investment will reach $2.2 trillion in 2026.
  • 02Overall energy investment globally is expected to be $3.4 trillion by 2026.
  • 03Investment in clean energy will outpace fossil fuel spending almost two to one.

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