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Ethiopian Electric Utility Announces 63.12 Billion Birr Revenue in Concluded Fiscal Year

The Ethiopian Electric Utility (EEU) has announced that it collected 63.12 billion Birr in revenue during the 2017 fiscal year. The revenue was generated from energy sales and other sources, including pole leasing, consulting services, and the sale of decommissioned assets.

The Utility stated that for the upcoming budget year, it has planned to collect 74.9 billion Birr from energy sales.

The Utility made these remarks regarding its performance for the 2017 fiscal year and its plan for the 2018 budget year in a statement given to journalists.

Furthermore, the Utility reported that it lost 2.31 billion Birr in the concluded fiscal year due to power theft.

To prevent this power theft, the Utility stated that it has taken control measures and apprehended over 1,000 individuals caught stealing power. The Utility said it has recovered billions of Birr in lost revenue.

Engineer Getu Garemew, the CEO of the corporation, stated that they are taking legal action against the individuals responsible for these losses. He added, "We have managed to recover 1.43 billion Birr from the losses we encountered."

We have also learned that the Utility was able to provide service to 155 additional rural villages and towns in the last fiscal year.

The CEO also provided explanations on other issues the institution plans to address in 2018, mentioning in the statement that it is working to connect 800,000 new customers.

In addition, the CEO stated that for the 2018 budget year, they plan to purchase 18,232 Gigawatt-hours of energy in bulk from the Ethiopian Electric Power (EEP) and have also planned to collect 74.9 billion Birr from energy sales.