Ethiopian Electric Power (EEP) Exceeds Domestic Revenue Goals

Ethiopian Electric Power (EEP) has announced that it collected over 14 billion birr from domestic electricity sales, exceeding its target of 13.8 billion birr for the first nine months of the current fiscal year. This suggests a strong demand for electricity within the country.

However, Ethiopian Electric Power (EEP) also acknowledged that its overall revenue from electricity sales fell slightly short of expectations. It is important to note that domestic sales are just one part of EEP’s revenue picture. They also generate income from other sources in which exporting the electricity to neighboring countries like Sudan, Kenya, and Djibouti are included.

Ethiopian Electric Power achieved 94% of its planned electricity generation, exceeding 15,000 gigawatt hours. This indicates efficient power plant operations.

While exceeding domestic sales targets, EEP did mention delays in project completion due to equipment shortages. The average completion rate for these projects was still over 85%.

Last month Ethiopian Electric Power (EEP) announced an investment of $500 million to build new power stations and update the existing stations with the help of the World Bank. In this announcement, EEP mentioned that they will open 14 new power stations and lines and renovate the existing power stations.

The overall performance of Ethiopian Electric Power (EEP) suggests strong domestic demand for electricity and efficient power generation. However, overall revenue might be impacted by factors like export sales or project delays impacting future generation capacity. Last month the CEO of Ethiopian Electric Power, Engineer Asheber Balcha, said that they owed 300 Billion ETB to the Commercial Bank of Ethiopia. He said that the interest rate of the bank was making it harder for them to pay back the debt.

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