As global geopolitical tensions rise, the recent escalation between Iran and Israel has sent shockwaves through global energy markets. For Egypt, the impact has been immediate and significant.

Egypt is set to offer four to five coastal areas along the Red Sea, including Ras Benas, to investors, Prime Minister Mostafa Madbouly said in a press conference.

The Ministries of Electricity and Petroleum have decided to extend the duration of daily power cuts under the electricity load reduction scheme for an extra hour until the end of this week, as per a statement by Egyptian Electricity Holding Company (EEHC) on June 24th.

The Egyptian government has allocated $1 billion to end its power outage crisis, Prime Minister Mostafa Madbouly revealed the decision during a press conference on June 25th.

Prime Minister Mostafa Madbouly has highlighted the urgent need to address the power outage crisis promptly upon directives of President Abdel Fattah El-Sisi.

The government has decided to extend the duration of daily power cuts under the electricity load reduction scheme for an extra hour on June 23rd and 24th, Ministries of Electricity and Petroleum announced.

The government has decided to resume supplying natural gas to fertilizer factories gradually as of June 6th.

Egyptian Prime Minister Mostafa Madbouly has assigned Ministers of Electricity and Petroleum to study the possibility of ending the electricity load reduction plan by November or December at the latest.

The Egyptian cabinet has approved the suspension of the power cut plan during the holy month of Ramadan to mitigate burdens on citizens.

The Egyptian government will implement its electricity load reduction plan in the daytime as of January 3rd.

The Egyptian government has extended the power cut plan until March 2024, given the lack of fuel supplied to production stations.