Alfred Jasins Brendan Meighan| The Daily Star
After years of doing little to rectify Egypt’s energy and electricity troubles, the government has finally moved to pursue sustainability.
Energy demand, fueled by government subsidies, has for years outpaced domestic production.
Egypt’s energy sector has long been on an unsustainable trajectory.
Central to all of Egypt’s recent energy and power reforms are efforts that cater to private business and to attracting foreign investment.
What this all adds up to is Egypt needs the financing power of the private sector if it wants to keep its lights on.
The government’s measures to reform and develop the power and energy sectors culminated with the Egypt’s Economic Development Conference that attracted billions of dollars in private investment, the bulk of which was directed toward electricity.
Siemens alone is committing over $10 billion to develop the electricity sector.
However, Egypt still has a long way to go before prices reach market rates.