Egypt's Electricity Minister affirms commitment to stable power supply, renewables expansion
Egypt's Minister of Electricity and Renewable Energy, Mahmoud Essmat, addressed the Senate on Monday, outlining the ministry's ongoing efforts to ensure a stable, high-quality electricity supply and its future plans for the sector. He affirmed the government's commitment to providing reliable power across all sectors.
Essmat highlighted the ministry's urgent plan to enhance the efficiency of generation, transmission, and distribution systems. This plan, he said, aims to improve quality, maximise returns from existing infrastructure, optimise system operations, address technical and commercial losses, reduce fuel consumption, and ensure a reliable electricity supply. The minister participated in a Senate session discussing reports on the future of energy, renewable energy, the energy mix, and addressing challenges in the electricity sector.
Essmat emphasised the strong support and continuous oversight from the Egyptian leadership for the electricity and renewable energy sector. He noted the state's focus on this vital sector, recognising electricity as the cornerstone of development across various fields, aligning with the sustainable development plan and the goals of the 'New Republic.' He highlighted the complete reconstruction of infrastructure and legislative enhancements. He stressed that every citizen deserves access to reliable electricity service, reflecting the significant investments in infrastructure across all sectors, especially within the electricity sector.
The minister stated that the ministry's work programme, along with its affiliated companies and agencies, is based on optimal economic operation, efficient resource management, maximising returns to improve the quality of electricity supply, and addressing technical and commercial losses. He detailed efforts to enhance the efficiency of existing power plants, modify operational patterns, adhere to maintenance schedules based on international standards, and closely monitor the implementation of new generation capacity to meet growing demand. The peak load of the unified network increased from 34,200 megawatts in 2022/2023 to 38,000 megawatts in 2023/2024, an increase of approximately 8%, and further increases are anticipated for the coming summer, for which preparations are underway.
Essmat described the urgent plan implemented over recent months to improve the quality and stability of electricity supply, enhance services, and upgrade distribution networks nationwide. He emphasised the importance of continuous field presence, direct communication with consumers, accurate data collection, and intensified monitoring and inspection efforts.
He also affirmed the commitment to expanding renewable energy and green hydrogen projects and localising related industries. Egypt's energy strategy aims to increase the contribution of renewable energy to the energy mix to 42% by the end of 2030, reaching 65% by 2040. This includes developing and modernising the grid to accommodate renewable energy integration, collaborating with international consulting firms, and utilising network analysis software, considering optimal economic operation in line with the Egyptian Electricity Transmission Company's role as grid operator under the new Electricity Law.
Essmat further addressed the ongoing integration of modern technology, governance of the metering system, and service improvement for citizens. This includes projects to develop electricity distribution networks, control centres, replace traditional meters with prepaid and smart meters, and upgrade customer service centres. These initiatives fall under the plan to strengthen and develop the unified national grid. He highlighted the smart meter installation project, energy efficiency improvement projects, and the replacement of traditional meters with prepaid meters, along with efforts to simplify service applications and expand the installation of coded meters. He stressed that citizens deserve reliable service reflecting the sector's advancements while also taking measures to prevent theft, protect the network from illegal loads, and ensure accurate asset inventory for better management and financial resource optimisation.
The minister elaborated on the National Energy Strategy and its executive plans, aiming to position Egypt as a regional energy hub connecting Africa, Europe, and the Middle East, leveraging its strategic location and infrastructure projects. He mentioned existing electricity interconnection projects with neighbouring countries like Sudan, Libya, and Jordan, as well as the ongoing project with Saudi Arabia expected to launch this year. He discussed the shared vision with the European Union for electricity interconnection, highlighting the Egypt-Greece and Egypt-Italy projects as crucial for regional energy integration. These projects promote cross-border clean electricity transfer, supporting sustainable energy needs and grid stability. He added that Egypt is strengthening cooperation with African countries to achieve energy integration, share technical expertise, and support renewable energy projects across the continent to meet the growing energy demand.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
9 hours ago
- Gulf Today
Outrage over Trump's electric vehicle policies is misplaced
Ashley Nunes, Tribune News Service Electric car subsidies are heading for the chopping block. A tax bill recently passed by House Republicans is set to stop billions in taxpayer cash from being spent on electric vehicle purchases. If embraced by the Senate and signed into law by President Donald Trump, the bill would gut long-standing government handouts for going electric. The move comes on the heels of another climate policy embraced by Republicans. Earlier this year, Trump announced plans to roll back burdensome rules that effectively force American consumers to buy electric, rather than gas-fueled, cars. The Environmental Protection Agency has called that move the 'biggest deregulatory action in US history.' Not everyone sees it that way. Jason Rylander, legal director at the Center for Biological Diversity's Climate Law Institute, assailed Trump's efforts, noting that his 'administration's ignorance is trumped only by its malice toward the planet.' Other similarly aligned groups have voiced similar sentiments arguing that ending these rules would 'cost consumers more, because clean energy and cleaner cars are cheaper than sticking with the fossil fuels status quo.' Backtracking on EV purchasing mandates seems to have hit Trump haters particularly hard. That mandate — established by President Joe Biden — would have pushed US automakers to sell more EVs. Millions more. Electric cars currently account for 8% of new auto sales. Biden ordered— by presidential fiat — that figure to climb to 35% by 2032. If you believe the hype, the result would be an electric nirvana, one defined by cleaner air and rampant job creation. I'm not convinced. For one thing, cleaner air courtesy of electrification requires that EVs replace gas-powered autos. They're not. In fact, study after study suggests that the purchase of EVs adds to the number of cars in a household. And two-thirds of households with an EV have another non-EV that is driven more — hardly a recipe for climate success given that EVs must be driven (a lot) to deliver climate benefits. Fewer miles driven in an EV also challenges the economic efficiency of the billions Washington spends annually to subsidise their purchase. Claims of job creation thanks to EVs are even more questionable. These claims are predicated around notions of aggressive consumer demand that drives increased EV manufacturing. This in turn creates jobs. A recent Princeton University study noted, 'Announced manufacturing capacity additions and expansions would nearly double US capacity to produce electric vehicles by 2030 and are well sized to meet expected demand for made-in-USA vehicles.' Jobs would be created if there were demand for EVs. Except that's not what's happening. Rather, consumer interest in EVs has effectively cratered. In 2024, 1.3 million EVs were sold in the United States, up from 1.2 million in 2023. This paltry increase is even more worrying given drastic price cuts seen in the EV market in 2024. Tesla knocked thousands of dollars off its best-selling Model 3 and Model Y. Ford followed suit by cutting prices on its Mach-e. So did Volkswagen and Hyundai. Despite deep discounts, consumer interest in electrification remains — to put it mildly — tepid at best. So, when people equate electrification with robust job creation, I'm left wondering what they are going on about. Even if jobs were created, EV advocates are coy about how many of those jobs would benefit existing autoworkers. Would all these workers — currently spread across large swaths of the Midwest — be guaranteed jobs on an EV assembly line? If not, how many workers should expect to receive pink slips? For those who do, will they be able to find new jobs that pay as much as their old ones? Touting job creation for political expediency is one thing. Fully recognising its impact on hardworking American families today, another. Some Americans may decry Trump's actions on climate, but they have only themselves to blame. Many of the pro-climate policies enacted, particularly during the Biden era, deliver little in the way of climate benefits (or any benefit for that matter) while making a mockery of the real economic concerns businesses and consumers have about climate action. No more. In justifying climate rollbacks, the president says many of his predecessor's policies have hurt rather than helped the American people. He's right and should be commended for doing something about it.
Fintech News ME
19 hours ago
- Fintech News ME
Egypt Launches Standardised Reporting Framework for Startups and Investors
Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA), backed by World Bank, has collaborated with several venture capital firms and the US-based platform to introduce a standardised portfolio reporting framework for startups and investors across the country. Led by Foundation Ventures, the initiative includes participation from Algebra Ventures, Sawari Ventures, Shorooq Partners, Endure Capital, Camel Ventures, DenVC, LoftyInc Capital, DisrupTech Ventures, and the Climate Resilient Africa Fund. The aim is to establish common metrics, reporting timelines, and formats, addressing the longstanding issue of inconsistent data practices within Egypt's startup ecosystem. Although Egypt's startup scene has expanded significantly in recent years, inconsistent reporting standards remain a key challenge. Startups frequently contend with producing varied reports to meet different investor requirements, while venture capital firms face difficulties in assessing portfolio performance due to the absence of unified benchmarks. The initiative seeks to simplify reporting processes for both general partners (GPs) and portfolio companies through a centralised data platform designed to enhance transparency, reliability, and operational efficiency. 'We are excited about enhancing Egypt's investment attractiveness by providing the necessary transparency to encourage foreign direct investment,' said Mazen Nadim, Managing Partner at Foundation Ventures. Following a competitive selection process, was chosen to develop and operate the platform. The company is working in partnership with Egyptian GPs to tailor the system to local requirements and workflows. The platform is expected to be fully implemented by the end of the second quarter of 2025, with the first comprehensive ecosystem report anticipated by mid-2026. By introducing a unified reporting framework, the effort is expected to ease administrative burdens for startups, provide greater clarity for investors, and strengthen Egypt's position as a destination for regional and international venture capital.
Fintech News ME
21 hours ago
- Fintech News ME
Egypt Founder Leads Limited to $7M Raise for Global Stablecoin Banking Expansion
Limited, a US-based next-generation fintech startup offering stablecoin-based global banking services with self-custody, has secured US$7 million in a seed funding round. The round was led by North Island Ventures, with additional participation from existing backers Third Prime and Arche Capital, as well as new investors Collab+Currency and SevenX Ventures. This brings the company's total funding to US$10 million since its founding in 2024. Founded by Hussein Ahmed, an Egyptian entrepreneur, Limited has developed a banking and payments platform that integrates the security of self-custody stablecoins with the functionality of traditional banking services. Available on iOS, Android, and web, the platform is accessible in 176 countries and enables users, both individuals and businesses, to access global payment systems while retaining full control of their funds via self-custody wallets. The platform also includes tiered Visa and Mastercard offerings and cross-border payment tools that support over 300 local payment methods in more than 80 currencies. 'With stablecoin transaction volumes exceeding $30 trillion annually and global remittance fees averaging 6.3%, we've created a solution that finally resolves the traditional tradeoff between self-custody security and ease of use,' said Ahmed. 'This funding will accelerate our growth in high-opportunity markets across Latin America, Southeast Asia, and the Middle East, where demand for borderless financial services is strongest.' Unlike earlier fintech models that largely built on existing financial infrastructure, Limited offers a platform designed from the ground up, merging usability with enterprise-grade security. The company aims to meet the growing demand for more secure, globally accessible financial tools, especially in emerging markets where traditional banking services may fall short.
