The Ethiopian Electric Utility (EEU) announced it collected over $245.6 million (7.18 billion birr) from the sale of electrical energy during the Ethiopian fiscal year which ended on July 7, 2019.
The Utility had set a target of $320.2 million (9.37 billion birr), 76.71% of which it achieved by collecting 7.184 billion, the EEU announced.
The Ethiopian Electric Utility, set up for distributing and selling electrical energy, will retain 40 percent of the obtained income. The rest, 60 percent, goes to the Ethiopian Electric Power, which is responsible for generating power.
EEU obtained $31.6 million (942.4 million birr) from settling arrears, attaining 88 percent out of the planned $36.6 million (1.07 billion birr). In terms of revenues obtained from electric lines construction and extension, and sales of used objects, however, the Utility lagged much behind the target set. From electric lines construction and extension, it was able to secure only $191.5 million (5.6 billion birr), 36.04 percent of the target $531.4 million (15.54 billion birr). In the case of revenues collected from sales of used objects, EEU was able to collect a meager 41.53 million birr of its one billion birr target.