MEEDCo planning to spend EGP 350 mn building 480 transformers this year

The Middle Egypt Electricity Distribution Company (MEEDCo) is planning to spend EGP 350 mn building 480 transformers in FY2017-18 as part of its EGP 600 mn plan to expand its distribution capacity to 3 GW by next summer, company head Medhat Foda tells Al Mal. Separately, it looks like people have been paying their bills, with MEEDCo collections increasing 2% in August m-o-m on July to EGP 435 mn, company sources said. Apparently 99% of electricity bills have been collected.