State-owned electricity producer, Ethiopian Electric Power Corporation (EEPCo) has announced that it has earned $28.4 million from exporting of electricity to Sudan and Djibouti
The figures covering between June and October this year show that the country earned $10.9 million from Sudan and $17.5 million from Djibouti.
Ethiopia had earned $37 million in the first nine months of the last fiscal year, after exporting 190MW of power.
Formerly known as Ethiopian Electric Light and Power Authority, EEPCo the firm engages in the production, transmission, distribution, and sale of electrical energy. Its projects include hydro, transmission construction, wind, geothermal, IT projects, and waste to energy projects.
Analysts believe predict that Ethiopia's economy has the potential to produce 45,000 MW.
The country - seeking to become the continents manufacturing hub - has taken initiatives towards being a reliable energy exporter to its neighbouring countries which will increase Ethiopia's export earnings and boost economic growth.
The $4.1 billion Grand Ethiopian Renaissance Dam (GERD) to be completed in 2022 and the $1.8 billion Gilgel Gibe 3 will both boost generating capacity from 2,400 megawatts now to more than 10,000 megawatts upon completion.
Ethiopia has numerous rivers it can capitalise on to achieve this.
In line with this, Black Rhino, owned by funds of U.S. investment company Blackstone Group, expressed interest in investments in Ethiopia's power generation sector, which signed framework agreements to build a fuel pipeline between Djibouti and Ethiopia.
Early this year, the Ethiopian government signed a 25-year power purchase agreements with Reykjavik Geothermal Ltd., a developer-led by Michael Philipp, the former head of Europe, Middle East and Africa for Credit Suisse Group AG, as the government seeks to bring power to all households by 2025.
According to Azeb Asnake, CEO, EEPCo, Ethiopia's power producing potential is matching that of countries such as Congo, especially in hydropower.
The country looks to be a regional clean power exporter to meet regional energy demand.