• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 4 hours Emissions Need To Be Halved To Avoid 3C Warming
  • 12 mins Iran downs US drone. No military response . . Just Destroy their Economy Completely. Can Senator Kerry be tried for aiding enemy ?
  • 2 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 2 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 7 hours Coal Boom in Asia is Real and a Long Trend
  • 3 hours Summit in Pyongyang: China's Xi Says World Hopes North Korea-U.S. Talks Can Succeed
  • 4 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 13 hours Solar Panels at 26 cents per watt
  • 6 hours Huge UK Gas Discovery
  • 18 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 18 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 18 hours US to become net oil exporter in November: EIA
  • 17 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 16 hours US Shale Drilling lacks regulatory body.
The Truth Behind The Torpedoed Tankers

The Truth Behind The Torpedoed Tankers

The media, and indeed the…

OPEC Discord Grows As Saudis Hint At ‘Delayed’ Meeting

OPEC Discord Grows As Saudis Hint At ‘Delayed’ Meeting

Saudi Energy Minister Khalid Al-Falih…

Iran Eyes US$60B In Renewables Revenue By 2023

Wind

Less than two years after it returned to the international oil markets, Iran is quick to embrace the alternative of oil: renewable energy sources. The country’s Deputy Energy Minister, Houshang Fallahatian, told media that Tehran plans to add 1,000 MW of new renewable power capacity every year over the next five years. Revenues from renewables should reach US$60 billion if the plan succeeds.

At the moment, Iran’s power capacity is 77,000 MW, of which renewables make up a tiny 360 MW portion. Of this, wind power represents 141 MW, while the potential for wind power capacity in the country is 100,000 MW. Renewables, including hydropower, account for just 6 percent of energy generation, versus natural gas’ 90 percent share.

By 2022, however, renewables could come to account for a quarter of power generation in Iran, Mohammad Sadeqzadeh, the head of state-held Renewable Energy and Energy Efficiency Organization (Satba) said last week. Overall, Iran is aiming for a 5,000 MW annual increase in power generation capacity to meet growing domestic demand and expand its presence on the regional electricity market.

The government is ambitious, however, eyeing an almost a double increase in renewables capacity to 700 MW by the end of March 2018, versus earlier plans for 600 MW. Plans also include the addition of more than 4,000 MW in wind power capacity by 2020. Solar power also makes a lot of sense in Iran, which boasts an average of 300 sunny days and 2800 hours of sunshine annually.

Last month, Oilprice reported that foreign investors have filed proposals for a combined US$3.6 billion to develop renewable energy projects in oil- and gas-rich Iran. According to Sadeqzadeh, the target to add at least 1 GW of renewable capacity a year is feasible.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Drew on September 19 2017 said:
    It seems that Iran has run the numbers and understands that renewables investment gives better turns than investing in fossil fuels.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News