Egypt allocates $1B to completely resolve power outage crisis
Updated 6/25/2024 3:03:00 PM
Arab Finance: The Egyptian government has allocated $1 billion to end its power outage crisis, Prime Minister Mostafa Madbouly revealed the decision during a press conference on June 25th.
Madbouly ordered the closure of commercial stores across Egypt at 10 pm starting next month to reduce electricity consumption, except for pharmacies, restaurants, and supermarkets, which may remain open until 1 am,.
The Prime Minister also announced that starting next week, power cuts will be limited to two hours. By the third week of July, Egypt will completely stop power cuts for the rest of the summer.
To address the situation, Egypt will increase its strategic reserves of mazut by 300,000 tons at a value of $180 million.
This move is part of a broader plan to ensure sufficient fuel supplies, including mazut and natural gas imports, by allocating $1.180 billion to meet heightened summer demand.
Madbouly stated that Egypt has halted fuel exports and started importing to meet domestic needs.
He directed the Minister of Electricity to secure the necessary fuel quantities immediately to prevent any power interruptions during the summer.
Madbouly added that the government is committed to resolving the power outage crisis by the end of the year, ensuring uninterrupted electricity for the nation's residents and businesses.
Egypt’s electricity consumption hit a record high of 36,000 megawatts (MW) on June 23rd.
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