Power plant- Bhumann via Pixabay
CAIRO – 3 August 2017: The Ministry of Electricity is currently studying shifting to auctions systems in building new power plants, Minister of Electricity Mohamed Shaker said Thursday.
In a meeting with HSBC, Shaker explained that this system would allow building new stations at lowest costs and higher efficiencies, a statement from the ministry showed.
HSBC is looking forward to expand investments in the Egyptian energy sector, to link Egypt with the global economy.
Shaker also expressed the interest of the Egyptian power sector in benefiting from HSBC’s funding ability.
Egypt’s electricity sector witnessed a surge in its investments year-on-year, where it recorded 4.3 percent in Q3 of 2015/16 and hiked to 15.5 percent in Q3 of 2016/17.
The Electricity Ministry is facing a challenge in meeting the costs of generating electricity amid increasing fuel demands for power plants and rising debts owed to government entities.
To address this, the ministry introduced new
with price increases ranging between 15-36 percent depending on the consumption bracket.