A tender for a 1,000-megawatt wind farm signals intent by the Egyptian government to meet its ambitious target for tapping renewable energy sources.
Bidding for the complex is under way, with the farm expected to come online in 2016, Hassan Younis, Egypt's minister of electricity, said at a wind energy conference in Cairo last month. The contract will be awarded before the year is out, Professor Galal Osman, the president of the Egyptian Wind Energy Association, told The National yesterday.
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The tender represents one of several wind energy projects that are intended to provide a total of 7,200 megawatts by the end of the decade. Egypt generates only 550 megawatts from wind.
Yet the Egyptian government hopes that, together with solar and thermal power, wind energy will cover 20 per cent of all domestic electricity demand by 2020. Wind turbines will provide 12 per cent of all alternative energy, said Prof Osman, as the government is looking to capitalise on its vast potential.
"The wind conditions in Egypt are among the best in the world," said Stefan Gsänger, the secretary general of the World Wind Energy Association, which organised the Cairo conference.
Existing capacity is state-owned, but a two-step plan is in place to introduce private ownership. While 33 per cent of the added capacity will be owned by the government, the remaining 4,825 megawatts will be generated by private companies under the build-own-operate (BOO) model.
Experts believe that private investment in wind energy will depend on the introduction of a feed-in tariff, which reimburses producers for the cost of production not covered by electricity prices. Feed-in tariffs are in place in virtually every country that generates electricity from wind or solar power. In the Middle East, where fossil fuels are heavily subsidised, renewable energy would not be competitive without financial incentives. "With existing subsidies, investment in renewables is not viable without compensation," Mr Gsänger said.
Egypt is working on a feed-in tariff, scheduled to come into existence next year. It will be based on the prices quoted by private companies bidding for the BOO contracts, Mr Osman said.
Investing in wind power not only diversifies Egypt's electricity sources, it will also provide the government with an opportunity to create much-needed jobs. High unemployment, especially among the young, was the primary reason behind the popular unrest that unseated Hosni Mubarak, the president, after 31 years in power.
"A well-established wind energy industry can create tens of thousands of jobs," Mr Gsänger said.
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
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Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.