IEA: Iraq among world’s top 5 electricity deals for April

Shafaq News/ Iraq has secured a spot among the world’s top five electricity agreements for April 2025 following the signing of a major memorandum of understanding (MoU) with US-based GE Vernova, the International Energy Agency (IEA) confirmed in its latest report.

Described by the IEA as the largest in Iraq’s power sector history, the deal establishes a strategic partnership to develop combined-cycle gas turbine (CCGT) plants with a projected capacity of up to 24,000 megawatts.

GE Vernova will implement the project in three phases over a four-year timeline. The initiative includes upgrading existing generation units, introducing advanced technologies to raise efficiency, and expanding output without requiring additional fuel input.

A key component of the agreement involves a structured financing package supported by international banks to fund both modernization efforts and new infrastructure construction.

Signed on April 9, the MoU forms part of Iraq’s broader strategy to diversify its energy mix and strengthen economic engagement with the United States.

According to the US Trade Representative’s Office, bilateral trade reached $9.1 billion in 2024, underlining deepening commercial ties.

Iraq’s pivot comes in the wake of the March expiration of US sanctions waivers that had permitted the import of Iranian gas since 2018.

Previously, Iranian supply accounted for roughly one-third of Iraq’s electricity generation. The end of those waivers has accelerated Baghdad’s drive toward energy independence.

The Iraqi Ministry of Electricity predicts that national demand could reach 55,000 megawatts during peak summer months.

Current output hovers around 16,000 megawatts, with authorities targeting more than 27,000 megawatts by mid-year to mitigate chronic blackouts.