Ethiopian Electric Power (EEP) generated over $25 million in revenue from electricity sales to data mining companies during the 2023/2024 fiscal year.
Minilik Getahun, the Manager of Sales and Customer Management at EEP, explained that this revenue helps the organization boost its foreign currency income by selling electricity in U.S. dollars to local businesses.
Since December 2022, nine data mining firms have switched to paying in U.S. dollars instead of the Ethiopian Birr.
EEP initially set a goal to supply 882.48 gigawatt-hours of electricity to these companies, expecting to earn $27.71 million. However, operational challenges limited the actual supply to 796.28 gigawatt-hours, which resulted in revenue exceeding $25 million.
Minilik emphasized that, despite not reaching the initial supply target, the revenue still accounted for over 90% of the expected earnings.
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