Egyptian Electricity Transmission Company (EETC) signed on Thursday a deal to establish a transformer station worth 210.8 million pounds (US$27.6 million) in the Suez Canal region, announced Ahmed Hanafi Chairman of EETC. The project will be funded by the European Investment Bank (EIB).
The new project aims to meet the expected increase in electricity consumption next summer, according to a statement by the Minister of Electricity.
Egyptian authorities have often owed the power crisis to a larger fuel crisis and have been taking measures in recent months to diversify sources of energy. The government has turned to renewable energy such as solar and wind energy. The state has also passed legislations allowing the generation of energy from coal, despite environmental concerns.
Source: Amwal al Ghad