Prime Minister Discusses 8-Hour Load Shedding Scenarios

Prime Minister Mustafa Madbouly revealed three scenarios to address the rising global oil prices, which have reached $110 per barrel compared to the budget estimate of $75. The options include: passing the full increase in fuel costs onto citizens; the government absorbing the rise through its resources or borrowing; or purchasing petroleum products at the new prices with limited funding, which could lead to supply shortages. He warned that insufficient resources might force the government to reduce electricity loads by 6 to 8 hours daily, emphasizing the need to protect the economy and avoid financial burdens on future generations. Meanwhile, the government continues its plan to increase reliance on renewable energy sources to 50% by 2030, investing around 200 billion Egyptian pounds to develop the electricity grid, aiming to reduce dependence on traditional energy sources and mitigate the effects of global price fluctuations.