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PM Opens Egypt 2026 Energy Forum
During the Egypt 2026 Forum, Prime Minister Mostafa Madbouly's speech focused on the challenges Egypt faces in the energy sector, especially amid rising global oil prices that have surpassed $110 per barrel compared to the targeted $75. He explained that this increase presents the government with three main options: passing the full cost increase onto citizens; the state bearing the costs by borrowing resources; or rationing supplies, which could lead to disruptions in fuel and electricity. He pointed out that the country is moving toward purchasing production at the new prices while reducing subsidies—a strategy that requires better management of energy resources. The government is also working to increase the share of renewable energy to 45% by 2028 and 50% by 2030, at an estimated cost of around 200 billion Egyptian pounds. Madbouly affirmed that Egypt continues to bear a significant portion of energy costs for its citizens, while striving to maintain supply stability and avoid future financial burdens.
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