Brazil’s energy sector needs over US$ 680 billion in investments over the next 10 years, according to the new energy expansion plan.
The forecast is done by federal energy research company EPE.
According to a report, "The estimated capex, of which 2.7tn reais is linked to oil, natural gas and biofuels and 530bn reais to electric power, is 18.5% higher than in the previous 10-year energy plan (PDE 2030)."
From 2022 to 2030, it has been reported that Brazil’s electric power installed capacity is expected to grow 15% to 215GW from approximately 187GW.
This will be achieved following the expansion of centralized wind and solar generation projects. Besides, there are micro and mini distributed generation undertakings, mostly based on PV solar energy.
"In terms of electric power consumption, the EPE outlines annual growth of 2,750MWa, corresponding to a 3.4% compound annual growth rate (CAGR) by 2031," a local report quoted the forecast.
Meanwhile, it has been forecasted that "investments for exploration and production activities in Brazil are estimated to be between US$425bn and US$468bn" in the 10-year period.