Ethiopian Electric Power garnered USD 25 million from its electricity sales to data mining companies in the 2023/24 fiscal year.
The revenue boost is attributed to the strategic decision to sell electricity in U.S. dollars to domestic customers, aimed at enhancing the institution’s foreign exchange earnings. Before December 2023, domestic electricity transactions were conducted in Ethiopian Birr. Since then, nine data mining firms across various distribution stations in the country have been transacting in dollars.
The initial goal for the fiscal year was set at USD 27.71 million, with the provision of 882.48 million gigawatt hours of electricity to these firms. Over 90 percent of the target revenue and electricity provision was achieved, though a shortfall was noted due to the company’s inability to meet its full power requirements.
Source: Ethiopian Electric Power
