Electricity Minister Mohamed Shaker said on Monday that the government opted for lifting subsidy on power within five years rather than three years to ease the burden on citizens.
"The subsidy will be completely lifted after five years," the minister said during Akhbar el-Yom economic conference Monday.
"Nine billion pounds will be allocated for the low-income people when the subsidy is lifted," Shaker said.
He added that a feeding tariff will be offered soon, which will pave the way for involving the private sector in investing in plants operating with renewable energy to generate electricity.