APA-Addis Ababa (Ethiopia) Ethiopia has earned $21.4 million from electricity sales to neighboring Djibouti, Kenya, and Sudan in the first quarter of the current Ethiopian fiscal year which began on July 8, 2023.
“The country’s revenue from electricity exports to neighboring countries has doubled over the past five years, surging to $101.2 million last fiscal year from $50 million five years ago, the Ethiopian Electricity Power (EEP) said on Friday in a statement.
For nine years, Ethiopia has been exporting electricity to Sudan and Djibouti.
Exports to Kenya began in the middle of the last fiscal year.
“Our electricity exports have been growing annually. Five years ago, export revenues were around $50 million. Looking at the past three years, the revenue reached around $69 million. Two years ago , it was $95 million. Last year, the country’s power sales reached $101.2 million,” the statement quoted EEP Communications Director Moges Mekonnen as saying.
Domestically, EEP earned $79.6 million r from electricity sales in the first quarter.
Looking ahead, EEP aims to earn $150 million from electricity exports by the end of the current fiscal year.
He noted that demand typically rises in the months from December to May, so performance in the remaining quarters will be key.
Ethiopia is currently generating more than 4,500mw of electric power and is expected to exponentially increase to 17,000mw in the coming five years.
MG/as/APA