$60bn In Renewables Revenue By 2023

By John Lee.

Deputy Energy Minister Houshang Fallahatian (pictured) has said he expects Iran’s installed renewable energy capacity, excluding hydro-electric power, to exceed 700 MW by the end of the current Iranian year (March 2018).

He added that the country currently has 77,000 MW of capacity, of which 360 megawatts is renewable energy. Most of the electricity generated in the country comes from thermal power plants which use fossil fuels such as natural gas.

According to Fars News, Iran is one of the most energy-intensive countries in the world, where inefficient energy use, caused by consumer subsidies, has resulted in a per capita energy consumption which is ten times greater than that in the European Union.

Meanwhile, OilPrice reports that Tehran plans to add 1,000 MW of new renewable power capacity every year over the next five years, leading to revenues from renewables reaching US$60 billion.

(Sources: Fars News, OilPrice)

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