Ugandan President Yoweri Museveni announced today that his east African nation would more than double its energy capacity by exploiting two gas deposits and completing two hydropower dams by the end of 2010, according to Reuters. The ambitious targets were set to come to fruition as Uganda gears up for a national election in 2011, expected to be a hotly contested poll in which Museveni is likely to stand for another term. Museveni is expected again to face opposition leader Kizza Besigye who hopes to unseat one of Africa's longest serving leaders. "Cheap energy and transport will lower the costs of doing business in Africa and increase competitiveness," the former guerrilla leader told parliament. Museveni said Uganda hoped to harness two gas fields for power generation. The Bujagali dam of 250 MW would come into operation at the end of next year, and the government would fund the 700 MW Karuma Falls -- delayed after a European contractor pulled out -- at a cost of $1 billion. "We shall fund (Karuma) by ourselves. If other friends come in, they are welcome, but they must follow our plan," he said to cheers from lawmakers. Uganda currently generates some 550 MW, and power shortages remain a hindrance to growth, analysts say. Investor interest is heating up for Uganda's hydrocarbon finds -- estimated at more than one billion barrels -- in Lake Albert where oil companies continue to announce new discoveries. "The government is now focusing on development of a refinery," Museveni said. He also told parliament he wanted an oil pipeline that originates in Kenya to be "reverse flow" to allow Uganda to export crude. Museveni said the economy had so far proven resilient in the face of a global economic slowdown. The average of a Reuters poll showed the nation would grow 5.5 percent in 2009
