Al-Sadi withdraws from Cabinet meetings

Energy Minister Joe Owayed announced his self-imposed abstention from attending Cabinet sessions until effective decisions are made regarding Lebanon's electricity problem. He explained that the sector suffers from a lack of sufficient production capacity to meet demand, which exceeds one-third of current capacity, and that the fuel oil price has doubled over the past six months, leading to a reduction in electricity supply hours to about seven hours daily. He also pointed out that the solution lies in adopting a dynamic tariff that varies according to global fuel oil prices, activating wind energy projects, and developing the gas sector to improve costs. He emphasized the need for the state to assume responsibility in financing electricity subsidies and addressing non-technical losses, estimated at 30% of the sector's consumption. Moreover, he mentioned that foreign investments are awaiting financial and security guarantees, with projects underway including gas purchase agreements with Jordan and Syria, all aimed at improving the sustainability of Lebanon's electricity sector.

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