down 33 percent
Cost of energy led to $667 million in savings
Electricité du Liban’s (EDL) fiscal deficit fell by 33 percent, by the end of 2015, compared to the year before.
Walid Mezher, member of the EDL board, said: “Deficit dropped by $667million this year to $1.4 billion.”
The national power producer expects the number to go down even more by the end of this year. “We are expecting the deficit to reach $1.1 billion by the end 2016, if oil prices continue to drop,” he said.
According to Mezher, EDL is still unable to invest in infrastructure because the deficit continues to absorb its financial resources. “The kilowatt hour electricity tariff was priced when the oil barrel was only at $15,” he said.
EDL expects the new Jieh power plant to be online by the end of the month and the new Zouk plant in the upcoming four months.
Reported by Yassmine Alieh
Date Posted: Feb 05, 2016