The Minister of Electricity and Renewable Energy Mohamed Shaker announced on Monday that the annual increase in electricity bills will take place at next July. According to an announcement made five years ago, there has been gradual lift of electricity subsidies from 2015 until the end of this year. However, the electricity prices in Egypt are still less than the world price, Shaker added clarifying that “I am the only minister who announced the date of increases without backtracking.” “Electricity subsidies will not be lifted permanently, current prices are lower than world prices and the state subsidizes electricity by at least USD 30 or USD 40 billion,” Shaker said. The Minister added that the Ministry of Electricity is still in debt to the Ministry of Petroleum EGP 145 billion, and if electricity bills continue at the same prices, the deficit will increase to EGP 36 billion. While the state will support the Ministry of Electricity with EGP 16 billion with the help of the Ministry of Finance, the remaining EGP 20 billion will be covered by the increase in prices. The minister pointed out that the electricity prices are linked…
Egypt’s Minister of Electricity Announces Annual Increase in Electricity Bill will Take Place in July
May 13, 2019
