Tuesday 29/April/2025 – 02:07 PM
The ordinary general assembly of each of the Holding Company for Egypt Electricity and the Egyptian Electricity Transmission Company, headed by Dr. Mahmoud Esmat, Minister of Electricity and Renewable Energy, approved the approval of the opening financial statements of the two companies on 1/7/2024, after completing the separation process based on the balances shown in the financial statements of the two companies on 6/30/2024.
This came within the framework of the general trend and the plan of the Ministry of Electricity and Renewable Energy to support and encourage the private sector and take the necessary measures to prepare the investment climate and attract foreign investments, and in implementation of the provisions of the Electricity Law No. 87 of 2015 and its executive regulations and amendments, and within the framework of the decision of Dr. Mustafa Madbouly, Prime Minister, regarding the end of the procedures for separating the Egyptian company to transfer electricity from the Holding Company for Egypt Electricity and its subsidiary companies.
Completion of the Egyptian separation process to transport electricity and holding to Egypt’s electricity
The General Assembly of the two companies decided to assign the administration councils in each company to quickly complete the procedures in accordance with the report of the separation committee that was formed by Prime Minister Decision No. 1607 of 2024, including preparing the contract models needed to control and govern the contractual relations between companies, in coordination with the Egyptian Electricity Transmission Company and the Electricity Facility Regulatory Authority and Consumer Protection, and the General Assembly approved the formation of the Board of Directors of the Holding Company for Egypt Electricity, Within the framework of the decision issued by Dr. Mahmoud Esmat No. 63 of 2052.
In a related context, the extraordinary general assembly of the two companies agreed to amend the statute of each of them, in line with the provisions of the Electricity Law No. 87 of 2015, its executive regulations and amendments, and the law of joint stock companies No. 159 of 1981 and its executive regulations and amendments, within the framework of completing the procedures for separating the Egyptian electricity company from the Holding Company for Egypt Electricity.
The decisions issued by the General Assembly of the two companies came as a culmination of the efforts made over the past months on the path of separating the Egyptian electricity company and starting its work as a network operator and setting clear, specific and comprehensive controls that ensure that the climate is prepared to attract private investments and open the way for the local and foreign private sector and encourage investment in the new and renewable energy fields, in light of the energy strategy and restructuring the Holding Company for Egypt Electricity And its subsidiary companies, and the commitment to the model approved by the association and ensuring the continuation and stability of the National Electricity Network in a manner that ensures the sustainability of electric energy within the framework of the state’s plan for sustainable development.
Dr. Mahmoud Esmat emphasized that the process of separating the Egyptian electricity transport company as an operator for the electricity transmission system is carried out according to economic and environmental standards that guarantee equal opportunities in a manner that preserves the interests of producers and consumers of electricity and in a manner that achieves efficiency and stability, and helps to expand in pumping new investments and operating and contracting with subscribers within the framework of the controls and facilities provided by the Electricity Law and achieves the state’s goals for sustainable development, noting the attention that The sector attaches to the private investment to occupy its natural position in the fields of electricity and renewable energy, in light of the energy strategy that defined the pivotal role of the private sector, especially in the field of renewable energies.
Dr. Mahmoud Esmat said that the separation of the Egyptian Electricity Transmission Company as an operator for the electricity transmission system comes within the framework of strengthening the state’s direction on the road to opening the electricity market and attracting the private sector to participate in electric energy projects to achieve the targets of integrated and sustainable strategy for energy until 2040, securing electrical energy supply, diversifying energy sources and maximizing renewable energy sources to reach 42% by 2030 and more than 65% by 2040.
It is worth noting that the separation of the Egyptian Electricity Transmission Company includes the independence of the Egyptian company and its complete separation from the Egyptian Electricity Holding Company during a specific period of time and that the Egyptian company for electricity transmission without others is the electricity transmission activity and the operation of the network and its commitment to allow others to use its networks without discrimination to supply distributors and electricity consumers with their electricity needs in return, according to specific rules and criteria approved by the electricity facility and consumer protection, The Egyptian Electricity Transmission Company is committed to managing and maintaining the transportation network, implementing electricity transmission projects on high and high efforts, organizing procedures for buying and selling electricity in accordance with the electricity market rules, implementing electrical connection projects and exchange of electricity with other countries according to the agreements in this regard.
