Iran plans to attract $2b in new investment to electricity sector
Iran plans to attract about $2 billion in new investment in its electricity industry, Energy Minister Abbas Aliabadi said on Saturday, adding that the government was working to remove barriers to investment and expand international cooperation.
Speaking at the opening of the 26th Iran International Electricity Industry Exhibition in Tehran, attended by 420 domestic and foreign companies, Aliabadi said the country was seeking to attract investment while facilitating technology transfers and cooperation with foreign partners, IRNA reported.
He said talks with Belarus had covered technology transfer and the provision of Iranian engineering services to the country. Negotiations were also under way with Russia, some European countries and regional states on cooperation and investment in the electricity sector.
Aliabadi said the Energy Ministry had focused in recent years on reducing electricity consumption and addressing some of the shortages and damage caused by the US-Israeli war began in late February.
He said electricity demand, previously projected to reach about 88,000 megawatts, had fallen to below 75,000 MW, marking the first decline in consumption. The minister did not provide a timeframe or supporting data for the figures.
Electricity demand from industries was currently being met, he said, adding that the amount of electricity supplied to industrial units was 3% higher than a year earlier.
Aliabadi also said more than 11% of the electricity needs of petrochemical companies had so far been met.
He said the government’s aim was not to restrict electricity consumption but to promote more efficient use of energy in a way that supports production and economic growth, while discouraging consumption beyond standard levels.