African Energy Chamber’s report predicts recovery in 2022
A year of recovery is predicted in the African Energy Chamber’s State of African Energy 2022 report which will be released next week.
The report is the result of strong regional and international cooperation between the African Energy Chamber, governments, and other major public and private sector stakeholders across Africa.
It gathers the latest available data on Africa’s energy sector, and benefits from the insights of key local, regional, and international companies and experts, making it the most comprehensive resource to date on the future of African energy markets.
According to the report, more than 580 million (almost 46%) of the continent’s population lack access to electricity. To “make energy poverty history by 2030”, Africa’s electricity generation capacity needs to expand rapidly by 6% a year to support strong economic growth, foster industrialisation, and safeguard livelihoods.
Despite Africa’s expected growth in renewable power generation by close to 14.5% in 2021, it was not enough to stem the overall decline of 2.5% in generation brought about by the pandemic. Conventional fuels such as coal, oil, and natural gas collectively accounted for three quarters (75%) of Africa’s power generation.
The report concludes that rapid moves to attain net-zero at all costs will negatively impact Africa.
The oil and gas sector is expected to see an increase in investment activities in 2022 as a result of improved cashflows from oil and gas companies, especially in the latter part of 2021 following demand and supply recovery from the low levels in 2020. Africa will continue to see an increase in new gas projects, as demand for gas increases and gas establishes itself a key force in the drive to decarbonise, whilst at the same time meeting the continent’s energy needs.
The State of African Energy 2022 report outlines the expected state of the oil, gas and power industry in 2022, with a key emphasis on the effects of an energy transition. There is no doubt that energy poverty needs to be eradicated.
The report is a handy guide for investors and major players within the energy sector, that provides a comprehensive approach to battling energy poverty – one that includes gas-to-power initiatives.
More than a dozen African countries are already using natural gas they produce themselves or import from other countries to generate electricity. And new projects are on the way.
“The African Energy Chamber is committed to helping Africa’s energy sector stakeholders navigate a complex and ever-changing global energy landscape. Through the State of African Energy 2022 energy outlook, the Chamber continues its mission to support the dynamic private sector and unlock the continent’s remarkable energy potential.” says NJ Ayuk, Executive Chairman of the African Energy Chamber.
The Chamber’s energy outlook, The State of African Energy 2022, will launch via a webinar on 25 October 2022 15:00 to 16:15 (SAST). Industry experts will join the executive chairman of the African Energy Chamber, NJ Ayuk, to share their views on the outlook for 2022 and what that means for the future of Africa’s energy. The State of African Energy 2022 outlook will be available for download after lunch on the African Energy Chamber website.
Register for the webinar here: https://us02web.zoom.us/webinar/register/WN_ml53mHdhRBu9R2Zdrbcxqw
Visit the African Energy Chamber’s website on www.energychamber.org
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