The Ethiopian Electric Utility (EEU) targets to expand its revenue by more than a quarter in the 2023/24 budget year.
The state owned electric utility announced that in the 2022/23 budget year it attained 94 percent of its targets in terms of revenue.
Shiferaw Telila, CEO of EEU, pointed out that in the 2022/23 budget year the Utility had targeted to generate 37.7 billion birr, while actual achievements realized 35.4 billion birr or 94 percent of the target.
Of the stated actual generation, 25.6 billion birr was secured from electric energy sales. In the period, EEU had targeted to generate 27.6 billion birr from energy sales.
In the year under review, the company also earned 9.6 billion birr from new electric line connections and 240 million birr from property disposals.
The year saw over 353 thousand new customers gaining access to electricity from the target of over 522 thousand, which was a projection attainment of 67.6 percent.
In the current budget year, EEU has projected to generate 32.8 billion birr from electric energy sales which is 7.2 billion birr or over 28 percent higher from the actual performance attained in the 2022/23 budget year.
Similarly, in the budget year, EEU has targeted to earn 11.9 billion birr from new electric line connections and 260 million birr from disposals.
In the period, 600 thousand new customers are targeted to be covered by the EEU electric system.
In the 2023/24 budget year, in general, the utility has projected to generate 45 billion birr in revenue which is 9.56 billion birr or 26.8 percent increment from the actual performance registered in the 2022/23 budget year.