KOC settles 270 million dinars outstanding debt due to Electricity Ministry
The Ministry of Electricity, Water and Renewable Energy has revealed that the Kuwait Oil Company has fully settled its outstanding debt to MEW, in the amount of approximately 270 million dinars, noting that the payment was made in three stages.
The sources said the settlement was carried out in accordance with a pre-agreed timetable between the two parties, within the framework of ongoing financial coordination among government entities.
This coordination, the sources added, contributes to strengthening financial stability and ensuring the timely settlement of dues owed to the ministry, reports Al-Rai daily.
The sources explained that the settlement reflects Kuwait Oil Company’s commitment to fulfilling its financial obligations to government bodies and supports the ministry’s efforts to enhance the efficiency of financial flows, particularly in light of the expansion of infrastructure projects and the energy sector.
According to the sources, the agreed payment mechanism was reached following a series of joint meetings aimed at organizing financial dues between government entities and preventing their accumulation.
This approach is consistent with the ministry’s policy applied to all consumers and forms part of a broader government strategy to address mutual debts among state institutions and achieve the highest levels of financial discipline.
In a related development, the sources said the ministry is awaiting approval from the competent authorities to deposit funds for the “Hafiz” incentive program into the accounts of eligible subscribers, with disbursement expected before mid-February.
They noted that 1,861 accounts are eligible for electricity incentives, compared to 2,937 accounts qualifying for water incentives. However, not all registered participants met the eligibility criteria, which prevented them from receiving the incentives.
The sources added that the total number of registrants in the program from 2021 until January 11, 2026, reached 9,310. Of these, only 19.99 percent qualified for electricity incentives, while 31.55 percent were eligible for water incentives.
They emphasized that participation in the incentive program remains relatively low compared to the total number of customers, underscoring the importance of enrollment due to its role in rationalizing energy consumption.
The program also enables customers to reduce their utility bills and receive financial rewards based on savings achieved, which may exceed 40 percent for electricity and 50 percent for water.
