أخبار العالم : Yemen: Houthis Resume Attacks on Israel and Threaten Saudi Arabia Amid Intensified U.S. Airstrikes
الأحد 23 مارس 2025 03:00 مساءً
نافذة على العالم - Yemen: Houthis Resume Attacks on Israel and Threaten Saudi Arabia Amid Intensified U.S. Airstrikes
Almawqea Post - Sana'a Sunday, 23 March, 2025 - 03:37 PM
[ Trump watches the launch of the bombing campaign against Houthi targets last Saturday (Reuters) ]
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Al-Ahram Weekly
11 hours ago
- Al-Ahram Weekly
Keeping the summer lights on - Egypt - Al-Ahram Weekly
Measures are being taken to avert possible power outages during summer this year. Government ministries have been collaborating to secure full electricity provision throughout the summer this year and to ward off the threat of any power outages. 'The electrical grid is secure and stable, and the electricity supply is continuous and sustainable throughout this summer,' said Mansour Abdel-Ghani, spokesperson for the Ministry of Electricity, on television at the end of May. Prime Minister Mustafa Madbouli had asked for steps to be taken to prevent power cuts during the summer months in July 2024, Abdel-Ghani added, which had 'necessitated the collaboration of the ministries of electricity, petroleum, and finance, to end load shedding' as a way of reducing pressure on the grid. His statement came days after Reuters and Bloomberg's Asharq Business reported that companies exporting Israeli gas to Egypt had announced plans to reduce exports by one billion cubic feet per day, bringing the volume down to 800 million cubic feet per day during the upcoming summer months. The reports noted that Israel had informed Egypt it would carry out periodic maintenance in May for 15 days, which would lower the volume of exported gas below the agreed-upon amount and below the target for the summer months. Some 60 per cent of Egypt's consumption of natural gas is used to generate electricity. Egypt began importing gas from Israel in 2020 under a $15 billion agreement between Noble Energy (acquired by Chevron in 2020) and Delek Drilling. The reduction in imported gas from Israel coincides with the natural decline in production from Egyptian gas fields, which has decreased to 4.1 billion cubic feet per day, while daily demand stands at around six billion cubic feet and rises during the summer. Egypt's electricity consumption increases by more than 25 per cent during the summer, reaching between 38 and 40 Gigawatt hours per day, up from 32 Gigawatt hours in winter, driving up the consumption of gas and diesel, said Egypt's former petroleum minister Osama Kamal. He estimates the gap between domestic gas production and consumption at 25 per cent, prompting the government to resort to gas imports to cover the shortfall. Domestic consumption exceeds 6.2 billion cubic feet per day, while local production stands at around four billion cubic feet. Another reason for the gap between consumption and the local production of gas needed to cover the demands of power plants is the delay in integrating new renewable and nuclear energy facilities, Kamal said. The government had previously announced long-term precautionary measures to address power outages, especially in the light of geopolitical crises that disrupt global supply chains and key maritime trade routes. Sources told Reuters in early May that Egypt was in talks with international energy and trading firms to procure between 40 and 60 shipments of liquefied natural gas (LNG) to meet emergency needs ahead of peak summer demand. This is in line with statements by the presidential spokesperson, who said that President Abdel-Fattah Al-Sisi had directed the government last week to 'take all necessary measures in advance' to prevent recurring power outages. Madbouli said there was no possibility of renewed power cuts during the summer, despite the financial burdens shouldered by the government. According to the Reuters report, Egypt will have to spend up to $3 billion, based on current gas prices, to purchase the necessary LNG shipments. This would add further pressure on the state treasury, which is already under financial stress, to avoid power outages amid declining domestic gas production. The arrival and commencement of operations of a fourth gasification vessel will enable Egypt to maintain a stable gas supply to the electricity grid, said Medhat Youssef, former deputy chairman of the Egyptian General Petroleum Corporation. However, he added that temporary supply imbalances may still occur, which the government will likely cover using diesel until regular gas flows to power plants are restored. This may necessitate reducing gas supplies to certain industries due to the high cost of imported gas compared to the economic returns generated by these sectors, despite their export potential, Youssef said. He pointed out that gas-intensive industries yield lower returns than the cost of importing gas since the import price ranges between $14 and $16 per million British thermal units, while the supply price to factories stands at $4.5. He added that these industries are directed to carry out periodic maintenance for production lines during peak summer consumption periods, rather than during the lower-demand winter months. Given that Egypt will rely on gas imports as a long-term strategy, Youssef believes the best solution lies in accelerating the development of nuclear power plants, which are highly efficient and reliable sources of electricity despite their substantial investment costs. Nuclear plants reduce the fiscal burden on the state in the long term, especially as global gas import prices grow higher. At present, Egypt imports LNG and is purchasing a portion of the foreign partner's production share and utilising domestic output in order to meet rising demand driven by population growth. The cost of importing gas over two years is equivalent to the cost of establishing a nuclear power plant, he stated. According to Ministry of Petroleum figures, the average daily domestic consumption of natural gas in 2022-23 reached 5.9 billion cubic feet per day. Of this, 57 per cent was allocated to the electricity sector, 25 per cent to industry, 10 per cent to the petroleum and gas derivatives sector, six per cent to households, and two per cent to vehicles. According to the Egypt Vision 2030 Strategy, the government is working to increase the share of new and renewable energy in electricity generation to 35 per cent by 2030 and 42 per cent by 2035, up from the current level of 4.5 per cent. Gas and petroleum are the main sources of electricity generation, accounting for 90 per cent of total output. By 2030, Egypt's planned energy mix is expected to comprise 27 per cent oil and gas, five per cent hydroelectric power, 16 per cent solar energy, 14 per cent wind energy, 29 per cent coal, and nine per cent nuclear energy. Gamal Al-Qalioubi, a professor of energy engineering, said that accelerating the development of new and renewable energy plants is the optimal path towards reducing gas imports and reallocating available gas to export-lucrative industries such as fertilisers, cement, and petrochemicals. This objective has been announced by the government, which aims to add 39,000 Megawatts of new and renewable energy capacity by 2030, of which seven Megawatts have been implemented to date. As a result, wind and solar power plants should be brought online over the next four years at a rate of 10 Megawatts per year. Al-Qalioubi added that several wind and solar plants are under construction. Had these projects been expedited and connected to the national grid before May 2025, the financial burden on the state to import natural gas would have decreased. He referred to the 'Wafi' programme implemented by the Ministry of Planning and International Cooperation in collaboration with the European Union, which seeks to replace diesel power plants with clean energy facilities. Every time a clean energy plant enters operation, a conventional and polluting plant is decommissioned. The programme supports the government's strategy to conserve natural gas used in electricity generation and redirect it to high value-added industrial sectors. * A version of this article appears in print in the 5 June, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
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Tesla Shares Recover amid Calls to De-escalate Tensions between Trump, Musk
Taarek Refaat Tesla shares recovered from heavy losses amid signs that the rift between CEO Elon Musk and US President Donald Trump is easing, easing investor concerns about the potential political fallout for the electric car maker. Tesla shares rose 5% in early trading. Politico reported that Musk and Trump were expected to speak on Friday, but a White House official told Reuters there were no plans for a call. Musk indicated via his X social media platform that he was open to easing tensions with Trump. The dispute between Trump and Musk wiped more than $150 billion off Tesla's market value on Thursday, the company's largest single-day drop. Tensions escalated after Musk escalated his criticism of a tax and spending bill that proposed partially ending a $7,500 tax incentive for electric vehicle buyers by the end of 2025. In response, Trump proposed cuts to government contracts with Musk's companies, including SpaceX. Tesla's stock has fallen 29.5% since the beginning of the year, after falling 14% on Thursday. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Egypt Independent
a day ago
- Egypt Independent
How much damage could Donald Trump do to Elon Musk?
Tesla stock soared in the months after the November presidential election because investors were convinced Donald Trump was about to do massive favors for his largest financial backer, Tesla CEO Elon Musk. But Trump can also do great damage to Musk's many business interests. The risk of that damage is one reason that Tesla shares (TSLA) tumbled 14% in trading Thursday following the very nasty and public spat between Trump and Musk. But it's not just Tesla that could be at risk. SpaceX depends on government contracts for a significant share of its revenue. And Tesla, SpaceX and Musk's other companies, including social media platform X, artificial intelligence company xAI and brain-computer interface company Neuralink all face regulation from the federal government. In addition, Musk faces possible investigations of his own activities from agencies such as the Securities and Exchange Commission, which is looking into whether he violated rules when purchased his initial stake in X, then called Twitter, ahead of launching his takeover bid for the company. Trump appeared to threaten that he would take such action against Musk, as he posted on his Truth social media platform Thursday that, 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!' To which Musk replied on his social media platform X: 'This just gets better and better,' followed by two laughing face emojis, along with 'Go ahead, make my day.' Tesla has relatively few government contracts. But there are numerous federal policies that directly affect its finances, including a $7,500 tax credit for electric vehicle buyers that allows Tesla and other automakers to raise prices. That was likely worth billions to Tesla last year alone. In addition, Tesla reported more than $8 billion in sales over six years of regulatory credits to other automakers to help them comply with federal and state emission standards. Trump is in favor of rolling back those standards and stripping states of the power to set their own emissions rules, which would destroy the market for those credit sales. A note from JPMorgan to clients Thursday estimates the loss of the EV tax credit could cost Tesla $1.2 billion a year and the loss of regulatory credit sales another $2 billion. Musk has also pegged the future of the growth of Tesla on operating a self-driving taxi service without any driver on board. Tesla's current 'full self driving' offering (FSD) requires a driver to be present to take control of the car. The service is due to debut in Austin, Texas, later this month. He admits his ambitious growth plans could be constrained by regulations. In addition, the federal National Highway Traffic Safety Administration has also already announced investigations into accidents involving existing Tesla cars operating with FSD. Many Tesla fans assumed those investigations would be dropped under a Tesla-friendly Trump administration. SpaceX has received $15.2 billion in contracts from NASA, as well as $5.8 billion from the Department of Defense, along with a few million more from other agencies, according to Replacing SpaceX on those contracts, however, is not realistic. That's because there is no other company available to replace it. For example, Boeing, the only other company able transport astronauts to and from the International Space Station (ISS), had problems on its only crewed flight last year. That required its Starliner spacecraft to return to Earth without two astronauts, who were stranded at the ISS for nine months instead of the planned trip of a handful of days. But SpaceX also is subject to the oversight of both NASA and the FAA. Its Starlink satellite internet communication service is also seeking approval from the FCC to expand its service.
