The spokesperson for the Egyptian Ministry of Electricity , Ayman Hamza, said that accordingly to directives from Egyptian President, Abd El Fatah El Sisi, there will be no increase in the selling prices of electricity before the beginning of the next fiscal year that starts on July 1, Al Mal reported. He added that government is committed to its predefined 5-year plan to gradually lift subsidies, with changes taking effect at the beginning of each fiscal year. Thus, Egypt aims to reduce power subsidy spending by EGP 14.1b, a 47% drop, during the fiscal year 2017/2018, informed Al Borsa in a separate report.

This comes as sources with the ministry stated that as a result of the EGP devaluation, the ministry will incur about EGP 100b yearly. They added that EGP 50b came due to the repricing of fuel used in power generation, as the price of mazot  has increased to EGP 2500 per ton from EGP 2300, while natural gas has gone up to EGP 1.5 per cubic meter from EGP 0.9, according to Al Borsa.

Furthermore, the ministry will pay around EGP 1b in power dues for BOOT companies, such as Suez Gulf Company and Sidi Kirir. The ministry stated that these dues have reached EGP 170m that are paid back to the Central Bank of Egypt (CBE) in USD. This comes in addition to about EGP 40b in annual loan payments for the Egyptian Electricity Holding Company.