The Electricity Ministry decided to suspend issuing direct orders for new power plants and will only issue tenders for future projects, as there is currently a surplus in production and demand has not risen significantly, Al Borsa reports. According to sources from the Egyptian Electricity Holding Company, previous projects were contracted through direct orders due to the ministry’s urgent need to increase production to meet demand, which is no longer the case. The ministry’s new decision does not apply to projects currently being negotiated, including the Siemens wind farm and the Al Nowais coal power plant.
More from Enterprise
Banque du Caire’s blockbuster IPO holds firm against EGX selloff
The IFC and the EBRD are in for USD 100…
Can AI promise Egypt’s lenders more borrowers and fewer bad loans?
Banks are cautious about letting AI judge a borrower. Local…
Egypt’s funds crossed EGP 500 bn in 3Q on retail money and a stalling core
Money market funds stalled while retail piled into equity, index,…
DPI closes Egypt-born fintech fund Nclude at USD 112 mn
The final close adds roughly USD 7 mn to a…