Ethiopia Electric Utility (EEU), the state agency engaged in selling electric energy, has generated 8.96 billion Birr revenue during the first six months of the current budget year of Ethiopia started August 8, 2021.
This is indicated on Wednesday during the evaluation of the six months’ performances of state-owned enterprises held at Hilton Hotel in the capital, Addis Ababa. It is indicated that the company has achieved 83 percent of its target for the period.
Including income from other sources, the EEU has collected ta total revenue of 11.15 billion Birr, according to the information obtained from Public Enterprises Assets and Administration Agency (PEAAA).
From exporting electricity, EEU has earned $46.5 million achieving 110 percent of its target and 10 percent more than the same period last year. EEU has provided electricity to 176, 000 new customers. As a result, electricity coverage in Ethiopia has increased from 44 to 47 percent, according to PEAAA report.
Before tax EEU has made a total profit of 811 million Birr. It is also indicated that EEU has created jobs for 1,746 individuals during the six-month period.
In a related development during the same six months period starting August 2021, the other state agency Ethiopia Electric Power (EEP), which is in charge of generating electricity has earned total revenue of 7.4 billion Birr. The agency achieved 164 percent of its target for the period.
During the period EEP has generated 7,673.4 megawatts of electricity, achieving 84.5 percent of its target. During the evaluation meeting Finance Minister of Ethiopia Ahmed Shide who led the meeting indicated that the shift of EEU from loss to profit is encouraging.
EEU and EEP, which used to be one institution named Ethiopian Electric Power Corporation are among the highly indebted government institutions both from domestic and foreign finance sources.