Electricity prices for homes in Egypt to rise by nearly 50 percent as subsidies gradually phased out
Reuters quoted government sources as saying that Egypt raised electricity prices for homes by up to 50 percent, while gradually eliminating subsidies as part of an agreement with the International Monetary Fund. The Ministry of Electricity and Energy decided to raise electricity prices for consumption.
A source in the Ministry of Electricity told Reuters that the new increase in electricity prices was applied on Saturday to the prepaid meter system, and will be applied to regular meters on October 1.
The source added that the increases ranged from 14.45 percent to 50 percent. The latest increase was due to take effect earlier in the summer but was delayed as the country struggled with energy shortages and rising demand for cooling led to increased consumption.
Egypt has resorted to load shedding to keep its power grid running, saying it needs to import about $1.18 billion worth of natural gas and diesel fuel to end the long-running load shedding plan before it was temporarily halted. Egypt generates most of its electricity needs by burning natural gas.
And published Press reports The new prices approved by the Ministry of Electricity and Energy are as follows:
The seventh tranche: For more than 1000 kilowatt hours, it is calculated at 2.23 pounds instead of 165 piasters.
First segment: from zero to 50 kilowatts for 68 piasters instead of 58 piasters.
The second tranche: from 51 to 100 kilowatt hours for 78 piasters instead of 68 piasters.
The third tranche: from zero to 350 kilowatts for 95 piasters instead of 83 piasters.
Fourth tranche: From 101 to 350 kilowatts for 155 piasters instead of 125 piasters.
Fifth tranche: From 350 to 650 kilowatt hours at 195 piasters instead of 140 piasters.
Sixth segment: More than 650 to 1000 kilowatt hours at 2.10 pounds instead of 140 piasters.
