Sabah Mashaly, depuy electricity minister for developing political communication and performance, said the ministry is committed to the electricity prices that were set in 2014 within the restructuring process, adding that the government is keen to reduce the burden on its citizens.
Mashaly’s remarks came after a speech was given by Electricity Minister Mohamed Shaker during the opening of the “Energy and Future of Investment in Egypt” conference.
The deputy added that the ministry is committed to the Cabinet's instructions on the restructuring of electricity prices over the next five years.
A new electricity law should be presented to President Abdel Fattah al-Sisi within days, said Shaker.
The new electricity law is expected to privatize both the generation and distribution of electricity, while leaving the government in charge of overall regulations and policies.
In February, Egypt’s Cabinet approved the new electricity law. It had previously announced that Egypt needed over US$70 billion of public and private investments from 2015-2022 for a marked acceleration in the construction of a power plant that will have a 54 GW capacity. The new construction will help solve the electricity crisis.
In July 2014, the government raised electricity prices in order to reduce the subsidies bill by LE11 billion to reach LE27 billion in the 2014/15 fiscal year.
At the same time, the government announced a clear roadmap to the complete removal of electricity subsidies within the next five years.
Edited translation from Al-Masry Al-Youm
