Al Nowais Investment Company has proposed selling electricity from its planned coal-fired power plant at Ayoun Moussa at a price of $0.058 (or roughly EGP 1.02) per kilowatt hour (kWh), officials at the Ministry of Electricity and Renewable Energy told Al Mal News.

The price, according to the officials, is high as the plant’s production cost is estimated at EGP 0.86 per kWh. They noted that this is the initial price offered and that the Egyptian Electricity Holding Company (EEHC) has yet to negotiate a final price.

The difference emerged during negotiations between EEHC and Al Nowais for the construction of the power plant. While details remain to be finalized, the agreement—if finalized and implemented—would entail Al Nowais building the coal-powered plant and then selling the electricity it generates to EEHC.

The proposed plant will have a capacity of 2,650 megawatts (MW) per day.

Al Nowais is a UAE firm that invests in a broad array of projects.