Global engineering companies Siemens and General Electric (GE) have signed preliminary agreements with the Iraqi government to support the reconstruction of the domestic power supply system. GE will build around 14 GW of new power generation capacity, while Siemens will build 11 GW. Once deployed, these new capacities could help the Iraqi government to realize savings and recover losses of up to US$3bn/year. The utility sector is viewed as the top priority in the country's reconstruction plans, which is expected to cost around U$150bn.
Iraq's electricity grid is currently unable to meet the local demand and residential customers are facing rolling blackouts. The two companies and the government will prepare future contracts on the basis of the MoUs to help solving the domestic power crisis. According to GE, the financing for the projects could be secured by international credit agencies and financial institutions. GE currently plans to bring the first additional capacities (1.5 GW at existing power plant sites) online by the summer 2019.
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