The Electricity Law has promised to reform the electricity market and allow for private sector participation (both locals and foreign entities) by introducing a simple licensing regime. With a transitional timeframe of 8 years granted, the Egyptian Electricity Transmission Company (EETC), which currently exercises market monopoly over power transmission and operation of the grid, is expected to restructure to adopt to a far more competitive environment. The government has obliged EETC to provide equal third-party access to the national grid yet will retain control of network charges.