Iraq has launched a 20-year plan to boost power generation to 57,000 megawatts (MW) with the help of international companies, Prime Minister Mohammed Al-Sudani has said.

“The government is working on completing housing units and complexes, which requires a stable energy supply,” Sudani said after launching a project to build the 1,400 MW Yusufiya thermal power plant under the Build, Own, Operate (BOO) model in Baghdad on Wednesday,

“We have launched a 20-year plan to add 57,000 MW, in agreement with Siemens and GE, as well as introducing renewable and solar energy sources,” he said.

"The electricity sector has witnessed modernisation, expansion, and development during our government's tenure, commensurate with the scale of national development."

Sudani also emphasised moving away from “flawed policies that burden the state budget without generating sufficient revenue to cover expenses."

He added: "We have adopted an investment-oriented financial model that rectifies the shortcomings of previous contracts, creating an attractive investment environment. Furthermore, we are working to achieve savings of up to 43 percent compared to previous contracts, thus safeguarding public funds."

"We have formed a specialised committee to review revenue collection, which must be commensurate with production, distribution, and the state treasury's payments to the electricity sector."

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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