Addis ababa: Ethiopia has reported a significant increase in its electricity exports, earning US$475.7 million during the financial year. This marks a 25% rise compared to the same period last year.
According to News Agency of Nigeria, this development was reported by TV BRICS, a NAN partner, citing data from Ethiopia’s state-owned electricity company. The increase in exports is bolstering Ethiopia’s status as a regional energy hub and is generating additional revenue from electricity exports to neighboring countries. The company has managed to increase its generating capacity to more than 9,000 megawatts, which is a 23% rise. Impressively, hydropower plants accounted for 97% of the electricity generated.
The company’s revenue reached US$773 million for the first time, with a net profit of US$246 million. The target achievement stood at 101.83%. Looking forward, Ethiopia plans to continue its investment in renewable energy. Future projects include the construction of a hydropower plant, a wind farm, and a 100 MW solar power plant, all of which will be funded domestically.
Authorities in Ethiopia anticipate that these new projects will expand the country’s green energy portfolio, enhance energy security, deepen regional cooperation, and further boost export revenues. Additionally, there are plans for Ethiopia to produce 500,000 electric vehicles by 2030.