Back to the complete issue
Tuesday, 14 March 2023

Gov’t leaves natgas prices for electricity plants unchanged

Natural gas price for electricity plants unchanged: Natural gas will continue to be sold to electricity plants affiliated with the Electricity Ministry at USD 3 / mmBtu, according to a decree published in the Official Gazette.

REFRESHER- Natural gas is a strategic source of FX: In a bid to maximize its exports of natural gas and lock in much needed hard currency. Egypt is on a drive to reduce electricity consumption and ration its use of gas for domestic power production. Power plants have been resorting to other types of fuel in order to free up more gas for export.

The global gas market is still running hot: Europe is still looking to lock in replacements for Russian natural gas, which before the war in Ukraine provided around 40% of its gas consumption. Natural gas prices in global markets have fallen back from the peaks seen in the direct aftermath of the war’s outbreak but remain well above pre-pandemic averages.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.