(MENAFN) Vowing that this time it will work and aiming at allowing some form of free market involving the private sector, the Egyptian Government has again outlined plans to eliminate electricity subsidies.
To be successful at transforming the electricity supply industry, says Mohamed Shaker, the country's electricity and renewable energy minister, "we have to get rid of all the subsidies".
Egypt generates 80% of its power from natural gas fired power plants, which collectively have a nameplate capacity of over 35,000MW.
"If we had gone through our plan starting in 2014, we would have completely eliminated subsidies by 2019, but because of the economic reform and a large depreciation of the currency, we had to extend our five year plan by another three years," the minister told a meeting of the American Chamber of Commerce in Cairo, the Egyptian capital.
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