EETC, INCOME sign new cooperation agreement

CAIRO - 17 October 2017: The Egyptian Electricity Transmission Company (EETC) and the International Company for Petroleum and Industrial Services (INCOME) signed a cooperation agreement Tuesday, local media reported.

The agreement, which was witnessed by Prime Minister Sherif Ismail, included building three new power plants, Minister of Electricity Mohamed Shaker said.

Established in 1950, INCOME is a private-sector company specialized in infrastructure and national projects.

Egypt’s electricity sector witnessed a surge in its investments year-on-year, where recording 4.3 percent in the third quarter (Q3) of the financial year (fy) 2015/16 and hiked to 15.5 percent in Q3 of fy 2016/17.

The Electricity Ministry is facing a challenge in meeting the costs of generating electricity amid increasing fuel demands for power plants and rising debts owed to government entities.

To address this, the ministry introduced new power tariffs with price increases ranging between 15-36 percent depending on the consumption bracket.