{"id":669082,"date":"2025-07-28T00:00:00","date_gmt":"2025-07-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/28\/electricity-consumption-peaked-yesterday\/"},"modified":"2025-07-28T00:00:00","modified_gmt":"2025-07-28T00:00:00","slug":"electricity-consumption-peaked-yesterday","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/28\/electricity-consumption-peaked-yesterday\/","title":{"rendered":"Electricity consumption peaked yesterday"},"content":{"rendered":"

Good morning, everyone. <\/strong>It\u2019s a good<\/strong> news morning after the EGP notched a nine-month <\/strong>high against the greenback<\/strong> \u2014 and there\u2019s not a thumb in sight anywhere near the scale. The EGP is holding strong thanks to FX inflows from tourism and remittances, and bankers we spoke with see the trend holding into August. <\/p>\n

Remember: We like volatility (particularly when the drivers are clear). <\/strong>It\u2019s a sign that the market is functioning. To that end, consider this gentle reminder an extra public service announcement: It\u2019s not unusual to see the EGP sag a bit against the USD in late August as many Egyptians travel, stores restock for fall, and back-to-school demand kicks in. <\/p>\n

We have for you below a deep dive into what\u2019s up with the EGP<\/strong>, along with news that our friends at NATCO<\/strong> are investing some EGP 1.25 bn to localize assembly of China\u2019s Exeed<\/strong>, including the brand\u2019s very handsome VX model. Admaius<\/strong> has taken a stake in the majority shareholder of Minapharm<\/strong>. And the NTRA<\/strong> promises that while it\u2019s not scrapping that once-every-three years exemption from customs on personal mobile phone imports<\/strong>, it is definitely cracking down on grey-market imports and fraud.<\/p>\n

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We have two MORNING MUST READS to kick-off this muggy day:<\/strong><\/p>\n

#1- Repeat after us: \u201cThe economy\u201d is a lagging indicator \u2014 and the economy \u2260 the stock <\/strong>market. <\/strong>The US economy is (so far) proving more resilient to stress in the wake of Trump\u2019s tariff nonsense than many had predicted, but it\u2019s hard not to wonder if it isn\u2019t Wile E. Coyote. You know: The scene where he\u2019s just about to turn to the camera and waive \u201cbye-bye\u201d before plunging to earth? Anyway, the Wall Street Journal has five charts for you this morning warning that \u201cstretched [stock] valuations and a surge in speculative trades are raising red flags, even as growth persists.\u201d<\/a> <\/p>\n

#2- Pumping iron is the key to aging well, folks. <\/strong>Peter Attia has been telling you this for<\/a>years<\/a>. The New York Times is now hopping on the bandwagon, profiling Greysteel<\/a>, a gym in the United States that sees seniors in their 70s, 80s, and 90s deadlifting their bodyweight and more. <\/p>\n

PSA- <\/p>\n

WEATHER- <\/strong>It\u2019s another extremely warm day in Cairo as we approach the hottest month of the year. We\u2019re in for a high of 40\u00b0C (that, once again, will feel several degrees hotter) and a low of 28\u00b0C, according to our favorite weather app.<\/p>\n

You can expect slightly cooler (but more humid) weather in Alexandria<\/strong>, with a high of 35\u00b0C and a low of 25\u00b0C.<\/p>\n

And we know what hot days mean:<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1-<\/strong> Electricity consum<\/strong>ption hit a new peak at 39 GW yesterday <\/strong>after a few days of extreme heat pushed energy demand to a series of record highs, according to National Energy Control Center data seen by EnterpriseAM. Saturday briefly held the title for record electricity consumption at 38.8 GW \u2014 the highest load ever recorded in the history of Egypt\u2019s unified power grid \u2014 before being dethroned. Last year\u2019s peak came in at 38 GW.<\/p>\n

This explains the electricity cuts some folks suffered through over the weekend<\/strong>, with the lights (and A\/C) going out for long hours Saturday night in some districts. The blackouts were the result of transformer stations malfunctioning, a government source in the electricity sector told us, explaining that it was a one-time thing and not a sign that rolling blackouts are coming back<\/strong>.<\/p>\n

Bracing for more hot days: <\/strong>The Electricity Ministry says it\u2019s working to ensure the A\/C stays on during periods of high demand. The ministry is coordinating with EGAS to increase gas supplies and carrying out regular maintenance of power stations to make sure they can handle the increased demand, the source added. <\/p>\n

DATA POINT- <\/strong>Power plants are fed 3.3 bn cubic feet of natural gas a day \u2014 taking up 65% of the country\u2019s gas supplies, our source said.<\/p>\n

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<\/a> #2- Aid trucks a<\/strong>re making their way from Egypt to Gaza: <\/strong>Aid trucks loaded with food and basic supplies began moving from Egypt into Gaza yesterday, Al Qahera News<\/a> reports. This comes a day after Israel said that it had resumed airdropping aid into Gaza.<\/p>\n

The news comes as Israel <\/strong>claims<\/a><\/strong> it will \u201cstop fighting\u201d for up to 10 hours each day <\/strong>in some areas of Gaza to allow food distribution. Jordan and the UAE, meanwhile, have begun airdropping food aid on Gaza, where starvation is a fact of daily life and famine is now the watchword. Some in the west, meanwhile, continue to debate what constitutes famine<\/a>. <\/p>\n

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<\/a> #3- Boursa K<\/strong>uwait-listed Manazel Holding is raising its stake in local subsidiary <\/strong>Manazel<\/a><\/strong>Real Estate Developments<\/a><\/strong> to 99.99% from 55%<\/strong>, according to a disclosure (pdf)<\/a>. The EGP 294 mn transaction is being executed via an asset swap, with Manazel handing over commercial space in New Cairo as payment.<\/p>\n

The move comes as a vote of confidence in the local real estate market, even as the <\/strong>sector <\/strong>contends with fresh regulatory pressure<\/strong>, including a new land tax<\/a> on plots owned by developers in areas like the Cairo-Alexandria Desert Road and North Coast, and a three-month grace period for North Coast developers to obtain construction licenses.<\/p>\n

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DATA POINT-<\/p>\n

Tourism revenues are up:<\/strong> Tourism revenues rose 22% y-o-y to USD 8 bn in 1H 2025, Tourism Minister Sherif Fathy told Asharq Business<\/a>.<\/p>\n

Speaking of tourism: <\/strong>The New Urban Communities Authority has agreed not to collect fees from homeowners looking to convert their properties into short-term vacation rentals, Fathy said, adding that eight companies have received approvals to convert 56 units \u2014 including apartments and villas \u2014 into holiday homes, writes Al Mal<\/a>.<\/p>\n

<\/a> <\/p>\n

Mark your calendar for the 2025 EnterpriseAM Egypt Forum<\/strong>, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us? Reach out to Moustafa Taalab at mtaalab@enterpriseadvisory.com to explore sponsorship opportunities.<\/strong><\/p>\n

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ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at what the government is doing to support factories as the EU carbon mechanism comes into play. Check out the story here<\/a>.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

The US and the EU have narrowly averted a trade war after reaching an agreement that <\/strong>will see the bloc face a 15% tariff on exports to the US.<\/strong> The agreement came following months of talks and just a few days before a Friday deadline will see higher tariffs take effect. <\/p>\n

There are still points of contention: <\/strong>European Commission President Ursula von der Leyen said the tariffs covered all exports, including automobiles, drugs, and chips, hitting back at Trump\u2019s claim that the agreement did not cover pharma and metals. The US is working on a probe into pharma that could see it implement a global tariff on drugs later. Conventional wisdom is that we\u2019ll see a low tariff imposed this year \u2014 and a much higher one next year after firms have regrouped. (Bloomberg<\/a> | Financial Times<\/a> | Reuters<\/a> | Wall Street Journal<\/a> | New York Times<\/a>)<\/p>\n

<\/a> ALSO- It\u2019s going to be a big week on Wall Street and in Washington, DC<\/strong>, with CNBC\u2019s Jim Cramer saying it could set the tone for markets through the rest of the summer. Here\u2019s what to watch out for: <\/strong><\/p>\n