Cuts in energy subsidies and expansion of solar and wind power driving Egypt’s energy transformation

1 November 2019: The government has recently slashed energy subsidies as part of a series of fiscal reforms, reducing public spending on subsidies from a high of 5.9% of GDP in FY 2013/14 to 2.4% in FY 2017/18. In addition, Egypt has set targets to increase generation capacity from RES to 20% by 2022 and to 42% by 2035 (from the current 2%). A USD 2 billion investment into the 1.4-GW Benban Solar Park is said to be another important step towards the transformation of the country’s energy mix. To read the full article, visit the Oxford Business Group website.