The Ministry of Electricity and Renewable Energy owes EGP 88 billion to the Ministry of Petroleum, the Ministry of Finance, and the National Investment Bank (NIB), Al Mal News reports.
Its arrears to the Ministry of Petroleum stand at EGP 70 billion and its combined arrears to the Ministry of Finance and the NIB are at EGP 18 billion.
Its backlog of payments to the Ministry of Petroleum has increase by 11% since June when the Ministry of Electricity owed the Ministry of Petroleum EGP 63 billion,according to the newspaper.
Alleviating its economic burden, the Ministry of Electricity has arranged for the finance ministry to pay EGP 15 billion of its back payments to the Ministry of Petroleum.
In addition, lower fuel consumption will assist the ministry in managing its payments. Consumption at gas-powered electricity plants has already fallen by 900 million cubic feet per day (mcf/d) from summer highs due to lower temperatures, Amwal Al Ghad previously reported.
The Ministry of Electricity, in turn, is owed EGY 27 billion by governmental agencies, drinking water companies, and some public-sector firms, according to Al Mal News. It is currently in talks with the Cabinet in an effort to collect outstanding bills.