Ministry of Petroleum Says No Load Reduction This Summer

Egypt will not implement electricity load reduction measures this summer after securing the gas supplies needed to meet peak power demand, according to the Ministry of Petroleum and Mineral Resources.

The ministry said preparations include operating onshore regasification units in Ain Sokhna and Damietta, as well as fully contracting liquefied natural gas cargoes from multiple regions to cover seasonal consumption.

Ministry spokesperson Mahmoud Nagi said USD 6.1 billion in arrears owed to foreign partners has been settled, a move intended to support stability in the country's energy sector.

He noted that accumulated dues in previous years had slowed exploration and development activity, reduced production and increased reliance on imports funded with foreign currency.

According to Nagi, work began last year on a series of measures aimed at strengthening the network, including bringing land-based regasification capacity online at Ain Sokhna and Damietta to help balance supply and demand.

He added that the facilities have additional intake capacity to accommodate higher electricity consumption during the summer months and that all required LNG shipments have already been booked with suppliers from different regions.

Exploration activity has also accelerated, with drilling rigs currently operating in the Mediterranean. A total of 101 exploratory wells are scheduled to be completed by the end of the year across the Mediterranean, onshore areas and existing concessions.