The Ministry of Electricity announced that electricity prices had increased since 1 July, the start of FY16/17, and that the hike varied according to usage brackets. The electricity subsidy bill target for current fiscal year increased from EGP12bn to EGP30bn after March currency devaluation as, minister explained, adding that the fare depends on exchange rate as production requires importing equipment from abroad in USD for the establishment of power plants. The move aims to lower the subsidy bill, and ultimately end it by 2019, Minister of Electricity Mohamed Shaker said. The bill could climb to EGP48bn if government does not continue implementation of economic reforms, he said. (Bloomberg, DNE)