Minister of Electricity and Renewable Energy Mohamed Shaker said in a press conference that the Cabinet has agreed to gradually phase out electricity subsidies over the next five years as of this month.
The minister explained that the real average cost of one kilowatt per hour is 47 piasters whereas the government sells it to citizens for 22.6 piasters. “The selling price will be 50.8 piasters at the end of the five years,” he said. “Total subsidies for electricity are now LE27.4 billion.”
“Rationalizing consumption is the only way out,” he said.
Edited translation from Al-Masry Al-Youm
