Egypt sets clocks ahead 1 hour in effort to save energy

According to VNA , Egypt began applying the summer time convention to save energy from 00:00 on April 28 to 00:00 on October 27.

Under this regulation, Egypt adjusts its clocks one hour ahead to observe summer time, also known as “daylight saving time” (DST), which lasts from the last Friday of April (April 28) to the last Thursday of October (October 26).

The adjustment comes as part of the government's efforts to rationalize energy use for export to earn foreign currency, while also mitigating the impacts of the current global energy and food crisis.

Egypt has applied DTS since 1988. However, in 2011, the interim government of then Prime Minister Essam Sharaf decided to abolish this regulation on the grounds that it was “ineffective” in saving electricity based on research results of the Ministry of Energy.

In May 2014, the North African country restored daylight saving time before abolishing it in April 2015.

However, the Egyptian economy is facing many difficulties and to boost the economy, Egypt plans to increase gas savings in electricity production for export. Egyptian Prime Minister Mostafa Madbouly has estimated that saving 15% of gas in electricity production would bring in revenue of 450 million USD/month if sold to Europe.

According to Zing News , Egypt’s economy has previously seen more than $20 billion in capital outflows in 2022 as investor confidence in the domestic economy has declined. The country was first hit by the Covid-19 pandemic, followed by rising inflation amid the ongoing conflict in Ukraine. The stronger US dollar has also affected Egypt’s ability to pay for imports, making everything from French cheese to American cars scarce.

The situation has improved somewhat, with Egypt reaching a $3 billion loan agreement with the International Monetary Fund (IMF) and attracting some loans and deposits from wealthy Gulf states in 2022. However, the Egyptian government still needs more foreign currency to be able to repay tens of billions of dollars in debt in the coming years.

Minh Hoa (t/h)

Source: https://www.nguoiduatin.vn/ai-cap-chinh-dong-ho-som-hon-1-gio-trong-no-luc-tiet-kiem-nang-luong-a605520.html