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Thursday, 9 February 2017

Electricity Ministry faces serious liquidity issues, looks to collect EGP 1.2 bn in overdue power bills owed by public sector

The Electricity Ministry is looking to collect the EGP 1.2 bn in overdue power bills owed by public sector companies as its liquidity shortages have been hindering its ability to follow through on existing commitments and finance new projects, unnamed government officials tell Al Borsa. On Wednesday, the ministry finalized talks with El Sewedy Electric and Saudi’s NCC to bring down the cost of the new power line being installed in Upper Egypt, Al Borsa reports. In December, the ministry had called off talks on a number of high-profile energy projects signed at the EEDC, saying it was pushing them to its 2022-2027 plan. Last month, the Egyptian Electricity Transmission Company also announced it was pushing new power generation projects further down the pipeline, citing lack of liquidity as the main reason.

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