State-run Ethiopian Electric Power (EEP) said on Monday its total assets have reached a record high of 709 billion birr (6.6 billion dollars), reflecting the company's expanding role in developing Ethiopia's energy sector.
Demere Assefa, executive of EEP's financial division, says the paid-up capital accounts for 586 billion birr of the overall assets, equivalent to 5.5 billion dollars. Debt has declined to 20 percent of assets from 55 percent previously due to economic overhauls, he said.
Power plants represent 28 percent or 199.2 billion birr of holdings. Transmission networks, distribution infrastructure and other assets make up the remaining 180.5 billion and 150.5 billion birr, equaling about 1.7 billion and 1.4 billion dollars respectively.
When EEP was established a decade ago, its paid-up capital stood at just 34.8 billion birr or 325 million dollars at current exchange rates. Today it operates more than 19 power stations, over 20,000 kilometers of transmission lines and 144 distribution centers nationwide.
As the sole national utility, EEP plays a pivotal role in developing supplies to fuel Ethiopia's rapid economic expansion. The company's valuation highlights its growing financial strength.
The Ethiopian government aims to position the country as an energy exporter through vast hydro potential along the Blue Nile and other waterways. It has targeted earning 263 million dollars from exports of electricity.
