The Ministry of Electricity has announced a price hike for household electricity consumption in 2024, increasing by up to 50 percent. This decision follows recommendations from the Electricity Regulatory Authority and Consumer Protection, as confirmed by a government source within the Ministry.
The recent increase in electricity consumption bracket prices took effect last Saturday for prepaid meters. For regular meters, the new rates will be reflected in the September bill.
In March, Egypt agreed to reduce energy subsidies as part of a deal to expand its IMF loan program to USD 8 billion (EGP 390 billion). However, the country has repeatedly delayed increasing electricity prices in recent years due to ongoing economic pressures.
Last month, Egypt increased the prices of several petroleum products. Prime Minister Mostafa Madbouly highlighted that this gradual rise in prices is part of a broader strategy to reduce and eventually eliminate subsidies.
Regarding the electricity crisis, Madbouly announced that the government has begun suspending load shedding and is aiming to boost electricity generation capacity by four gigawatts by next summer.
During the summer, Egypt experienced power outages lasting 2 to 3 hours across all governorates. These disruptions led many citizens to express frustration, particularly as they struggled to work or study during the Thanaweya exams.
To address the power cuts, Prime Minister Mostafa Madbouly announced that the government will import mazut and natural gas valued at around USD 1.18 billion (EGP 57.09 billion) to end the nationwide power outages.
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