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Thursday, 23 May 2019

Government expects EGP 17 bn revenues from raising electricity prices

Government expects EGP 17 bn revenues from higher electricity prices: The government is expecting to take in some EGP 17 bn worth of additional revenues from raising electricity prices in the fiscal year starting 1 July, local press reported. The Finance Ministry will still support the electricity sector in FY2019-2020 to the tune of EGP 16.5 bn.

If you haven’t heard yet: New electricity prices were announced yesterday, with prices set to rise an average of 15%. Prices for ultra-high voltage electricity used by steel and iron factories will increase by 10% on average in the coming fiscal year, while low voltage prices paid by households, stores, and small and micro businesses will increase by 19% on average. Tap or click here for the full price breakdown for households or here (pdf) for a review of the Sisi administration’s plan to phase out electricity subsidies entirely.

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