Egypt’s Finance Minister Ahmed Kouchouk said each additional gigawatt of renewable energy capacity saves about $250 mn in gas imports, as the government seeks to reduce energy costs and strengthen public finances, according to a cabinet statement on October 22.

Speaking during the “Energy Journey” session on the fourth day of Egypt Forum 2026, Kouchouk said a 20% reduction in fuel and gas consumption had generated direct savings for the state budget.

He said the government was working to diversify energy sources, improve fiscal sustainability and ensure regular payments of outstanding dues, while taking precautionary measures to manage crises without imposing additional burdens on citizens beyond their means.

Egypt has accelerated its renewable energy ambitions, bringing forward its target for renewables to account for 42% of the energy mix to 2028 from 2030, according to the International Monetary Fund’s 2026 assessment of Egypt’s economic programme.