2022 iraq energy storage field subsidy

Will Iraq meet its electricity needs by 2030?

In early October, Iraqi Prime Minister Mohammed al-Sudani announced a goal of meeting one-third of Iraq’s electricity needs through renewable energy sources by 2030, which, based on recent demand trends, will require the development of around 18 GW of renewable energy capacity.

What is Iraq's crude oil production capacity in 2023?

We estimate that Iraq’s effective crude oil production capacity was 4.4 million b/d as of mid-2023, down from 4.8 million b/d at the beginning of 2023. The addition of a new refinery and restoration of some equipment at the Basra export terminal boosted production capacity in 2023.

What is Iraq's refining capacity?

Iraq’s total operating refining capacity is about 1.2 million b/d.27 The Iraqi government plans to reduce petroleum product imports by rehabilitating the refining sector and building new refineries, but the government has struggled in its efforts to attract the foreign investment needed in the downstream sector.

Will Iraq launch a 1,000 MW solar project in 2023?

72 Zawya, “Total set to launch 1,000 MW power project in Iraq,” June 6, 2023; Middle East Economic Survey, “TotalEnergies Becomes Iraq’s Key Foreign Player With Closure Of $27bn Megadeal”, July 14, 2023; Middle East Economic Survey, “Baghdad Approves Solar Projects”, June 2, 2023.

Does Iraq approve a $153 billion budget?

Ahmed Rasheed and Timour Azhari, Reuters, “Iraq approves record $153 billion budget including big public hiring,” June 11, 2023. International Monetary Fund, 2022 Article IV Consultation with Iraq, February 2023, Table 2, page 27. U.S. Energy Information Administration, OPEC Revenues Factsheet, June 2023.

What happened to Iraq's solar bidding round in 2021?

Iraq held its debut solar bidding round in early 2021, and while it set a record 3.61 cents per kilowatt-hour tariff for the Karbala project, then led by Norwegian renewables firm Scatec, progress was delayed due to structural challenges, protracted negotiations, and a yearlong political vacuum following the October 2021 parliamentary elections.