Ethiopian Electric Utility (EEU) has unveiled its ambitious plans to increase its annual revenue through the expansion of its local services and energy export initiatives to more Eastern African nations. According to sources close to the matter, the utility company is targeting an annual revenue collection of 20 billion birr in the current Ethiopian Fiscal Year (EFY), 2016.
The energy company is already a key player in energy supply to Kenya, Sudan, and Djibouti, and now, it’s set to broaden its reach by initiating energy exports to Tanzania in the current EFY.
The company is not only focused on the domestic market but is also eager to expand its footprint in the international energy trade arena.
Local media, Borkena quoted Al-ain News reporting on Wednesday that EEU is on a mission to significantly grow its revenue streams.
EEU has outlined its revenue strategy, with a significant portion of the 20 billion birr target coming from domestic customers.
The remainder is expected to be generated from energy sales to neighboring countries. This move aligns with Ethiopia’s commitment to becoming a regional energy hub, facilitating electricity trade and bolstering economic growth in the region.
As of now, Ethiopia has been exporting power energy to Kenya, Djibouti, and Sudan, marking its presence as a key energy supplier in the East African region.
Discussions with Tanzania are reportedly in progress to solidify a bilateral agreement for energy sales. If successful, it is anticipated that the export and sale of power energy to Tanzania will commence during the 2016 EFY, as reported by Al-ain.
This expansion effort by the Ethiopian Electric Utility underscores the country’s determination to tap into its vast energy resources and establish itself as a leading energy exporter in the Eastern African region
By xamse
October 19, 2023
