In its most recent meeting, the Iraqi Bureau has endorsed a few measures to address the power needs during top summer periods and to foster the nation’s power framework.
The most important choices are:
Agreement with Mass Holdings Corporation:
Contracting with Mass Holding Company to supply electricity specifically to the northern region and the national grid has been granted to the Ministry of Electricity. Due to the need for a steady supply of electricity and the peak summer demand, this contract is crucial. Depending on financial viability, the contract will last for three months.
Contract with Kar Gathering:
Additionally, approval has been granted for the Ministry of Electricity to enter into a contract with Kar Company for the supply of Turkish electricity. This agreement is three months long and adheres to a reduced price formula that has been approved by the Ministry of Electricity. It also addresses the ministry’s financial capabilities and the peak summer demand.
Developmental and Financial Approvals:
Authority for the Loan Contract: The Minister of Finance or an authorized delegate has been given permission by the Cabinet to sign the loan agreement that will fund the project to supply and install five 132 KV substations. The Ministry of Electricity will gain from these substations, which will be situated in South Khalidiya, Al-Suwaira, Al-Rumaitha, North Kirkuk, and Al-Rifai. The Federal Budget Law for the fiscal years 2023-2025 is in line with this approval.
Endorsement of Supporting Terms: The financing conditions outlined in the Ministry of Finance’s letter dated June 23, 2024 have received Cabinet approval.
These measures, as stated in a press release issued by the Prime Minister’s office, are a part of the overall strategy implemented by the government to advance the country’s electrical infrastructure and guarantee a consistent supply of power, particularly during times of high demand.
