Egypt's Minister of Electricity Mohamed Shaker announced in a press conference on Tuesday new increases in electricity prices along seven tiers of consumption, at an overall average of 26%, for the fiscal year 2018/2019, which starts in July.
The average increase in electric bills for households will be 29%. The increase in electric bills for factories will be 41.8%.
During the conference, Shaker also presented on the size of the electric power generated by the power stations the government has built and upgraded in the last four years, as well as the government's plans in completing under-construction stations and the development of solar energy plants.
The new hikes are the part of the government's efforts to close budget deficit as part of its economic reforms program.
The new prices will take effect in July.
The new rates of increases in electric bills for the fiscal year 2018/2019 are as listed below:*
First tier: 0-50 Kilowatt - from 13 piastres to 22, an increase of 69%
Second tier: 51-100 Kilowatt - 22 piastres to 30, an increase of 36%
Third tier: 0-200 Kilowatt - 27 piastres to 36, an increase of 33%
Fourth tier: 201-350 Kilowatt - 55 piastres to 70, an increase of 27%
Fifth tier: 351-651 Kilowatt - 75 piasters to 90, an increase of 20%
Thixh tier: 651-1000 Kilowatt - 135 piastres 145, an increase of 8%
Seventh tier: More than 1000 kilowatts - 135 piastres to 145
* One EGP = 100 piastres