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Investment Opportunities in the Iraqi Power Sector


Improving the electricity sector in Iraq is as important and urgent as the projects to develop the economy. The average Iraqi household receives power for just 7.6 hours a day. As a result of the shortfall, homes have to obtain half their power needs from generators.


The country’s energy plan calls for 24,400MW of new capacity to be commissioned between now and 2017. About half of this total is already under construction with another 5,674MW under tender, while another 6,000MW is open for investment by the private sector. The projects involve mainly gas fired plants but also 2,000MW of thermal power stations and 400MW from renewable energy sources.


Yet, there are opportunities in converting existing power plants from simple open-cycle to the more energy efficient combined-cycle technology. There are plans to convert about 8,000 MW of existing capacity to combine-cycle.
 



Several international companies have won bids for electricity projects across Iraq


Alstom has secured a contract worth nearly 400 million euros ($549 million) from Eni Iraq BV to build a 740 MW1 Zubair gas-fired power plant, near Basra in southern Iraq.

India's BGR is to build the gas-operated plant at a total cost of $246 million. The plant consists of four gas-operated power-generating units with a capacity of 125 megawatts each.

Iraq has approved $1.7 billion in contracts with Samsung Engineering Co Ltd and Hyundai Heavy Industries to build a power plant in the insurgent-plagued city of Mosul and another just south of Baghdad.

Iraq's Ministry of Electricity has signed a contract with Siemens worth $160 million for the rehabilitation of the Baiji electrical station in the country's north.

ABB, the global power and automation technology group, has won an order from LS Industrial Systems (LSIS) to deliver a utility communications solution that will serve seven electricity distribution control centers in Iraq.

Iraq awards a $1.05 billion contract to Greek power plant builder Metka, a subsidiary of the Mytilineos Group, for the construction of a combined cycle gas power plant in Anbar.

A project to generate electricity from solar energy and wind in 15 remote Iraqi cities is now under way.


Iraq allocates $4.7 billion for electricity sector in 2014


The Iraqi government has allocated $4.7 billion to build power plants and finance existing projects this year. As part of its 2014 plan, the Ministry of Electricity has requested a budget of $12 billion to complete existing projects and to sign new contracts to compensate for the fluctuating shortage of power, but the government has only approved $4.7 billion postponing additional allocations to upcoming budgets.


The Ministry of Electricity aims to produce an additional 7,500 MW by the end of 2014 and another 7,500 MW by the end of 2015.
 Construction of four power plants was completed in 2013. The stations are: Rumaila (in Basra) with a capacity of 1,460 MW, Mansuriya (in Diyala) with 730 MW, Akkaz (in Anbar) with 250 MW, and Alekiarp (in Nineveh) with 750 MW.



Kurdistan region of Iraq to double power generation by 2015


The Kurdistan Regional Government (KRG) is planning to double its total power generation capacity from 3,000KW to 6,000KW by the end of 2015 as part of KRG ministry of electricity's expansion strategy.


The Kurdistan region of Iraq is currently witnessing a boom in development and urbanization. Accordingly, power generation is essential to operate all industrial sectors in the region, including factories and labs, which require huge amounts of reliable power supply.

 

According to UNDP, the KRG needs to spend almost 17% of its annual budget to meet the growing electricity demand.



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