The Ethiopian Electric Utility (EEU) has announced a revenue of more than $253 million from the sale of electrical energy last Ethiopian fiscal year which ended July 7, 2019.
The utility had set a target of over $334 billion but collected $253 million, achieving 76.71% of its target.
The Ethiopian Electric Utility was established to engage in the business of distributing and selling electrical energy.
In February this year, EEU announced a $114 million revenue during the first six months of the Ethiopian calendar started July 8, 2018.
The latest service fee adjustment made by the company has contributed to better income collection, Shiferaw Telila, CEO of EEU, told journalists on Wednesday.
The company has increased its service fees by revising the previous rate, which was in place for the past twelve years. The electric power selling price of the company will be progressively increased over the coming four years reaching up to 0.8 U.S. cents per kilowatts hour.
Ethiopia has been attracting foreign investors claiming that it has one of the cheapest electricity in Africa. Ethiopia’s electricity tariff was at 0.09 dollars per kilowatt-hour.
In addition to the domestic market, Ethiopia is currently selling electricity to Sudan and Djibouti. The country is also planning to start selling power to Kenya and other countries in East Africa as well as the Gulf Countries.
EEU was established a few years ago after the government made the decision to split the previous Ethiopian Electric Power Corporation (EEPCo) into two separate entities. As a result, EEU is mandated to deal only with the service provision, while Ethiopia Electric Power (EEP) is established to focus on power generation.
MG/abj/APA