{"id":626357,"date":"2024-07-01T00:00:00","date_gmt":"2024-07-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/01\/electricity-bill-hikes-put-on-hold-until-september-electricity-ministry-source\/"},"modified":"2024-07-01T00:00:00","modified_gmt":"2024-07-01T00:00:00","slug":"electricity-bill-hikes-put-on-hold-until-september-electricity-ministry-source","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/01\/electricity-bill-hikes-put-on-hold-until-september-electricity-ministry-source\/","title":{"rendered":"Electricity bill hikes put on hold until September -Electricity Ministry source"},"content":{"rendered":"

Good <\/strong>morning, folks. <\/strong>We may have only had an extra day off over the weekend, but it feels like we\u2019ve been off for weeks by the amount of local business and economy news we\u2019ve picked up. In today\u2019s issue, we\u2019ve got a rundown of everything you need to know about the Egypt-EU Investment Conference that wrapped yesterday, unidentified gov\u2019t sources suggesting that the new cabinet line-up will be announced this week, and much, much more.<\/p>\n

And remember, we\u2019re back to our normal power cut schedule<\/strong>, after the country had to deal with three hour (and occasionally longer) cuts throughout last week. With planned outages back to two hours a day, the countdown has begun until the third week of July when the government is aiming to do away with blackouts for the summer.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>Electricity pric<\/strong>e hikes postponed until September as blackouts persist: <\/strong>The government has decided to postpone any hikes to electricity prices until September, a source from the Electricity Ministry told Enterprise on the condition of anonymity. The government has put off implementing the hikes until the electricity crisis is resolved, the source said. <\/p>\n

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<\/a> #2- Is this the week we see a new government sworn in?<\/strong> The new government lineup could be sworn in within a few days, following Prime Minister Moustafa Madbouly meeting with more than 65 potential candidates over the last month, unidentified government sources told local news outlets over the weekend (here<\/a>, here<\/a>, here<\/a>, and here<\/a>).<\/p>\n

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<\/a> #3- State IPO program to ramp up again in October:<\/strong> Shares in government-owned service and fintech companies will be offered up in IPOs beginning in October, Sovereign Fund of Egypt CEO Ayman Soliman reportedly told Al Arabiya Business<\/a>. The companies will include ones that have previously been offered to investors, Soliman added.<\/p>\n

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#4- A fresh renewable<\/strong>s target: <\/strong>The Electricity Ministry wants renewables to make up 58% of Egypt\u2019s total energy mix by 2040, up from its current target of 42% by 2030, Electricity Minister Mohamed Shaker said at the Egypt-EU conference, according to Reuters<\/a>. <\/p>\n

PSA-<\/p>\n

Restrictions on retail hours to stay till late September:<\/strong> The new opening hours schedule for shops, malls, cafes and restaurants are effective as of today and will last until Thursday 26 September, according to a statement from the Local Development Ministry<\/a>. <\/p>\n

The details:<\/strong> Shops will be allowed to open until 10:00 pm, while cafes, restaurants, and malls will have to close their doors at 12:00 AM, except on weekends and public holidays, in which shops and malls will be allowed to close one hour later. Supermarkets, groceries, pharmacies, and other essential facilities are exempted from the restrictions.<\/p>\n

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WEATHER- It\u2019s another summery day in Cairo today,<\/strong> with a high of 39\u00b0C and a low of 25\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler in Alexandria and the North Coast<\/strong>, with a high of 34\u00b0C and a low of 22\u00b0C.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Want to subscribe?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

NEWS TRIGGERS- <\/p>\n

It\u2019s the first week of July \u2014 <\/strong>here are the key news triggers to keep your eyes on this month:<\/p>\n