Data Hubs Fuel State Power Seller's Revenues Engine

May 25 , 2024

Ethiopian Electric Power (EEP) has garnered over half a billion Birr in revenues over the past nine months through power sales to data mining companies. While the initial announcement mentioned "data mining," EEP now clarifies they are targeting data centres, which encompass a wider range of computing services beyond cryptocurrency mining. Menelik Getahun, head of EEP's market development, emphasizes the importance of diversifying revenue. He said data centre sales complement EEP's traditional income sources like power sales and fibre optic rentals. EEP officials also earned 121.78 million Bt from the Reppie Waste-to-Energy Power Plant, showcasing alternative energy sources. They announced it would be selling energy to data mining companies a few months ago after several BitCoin miners showed interest in the vast hydropower resources of the country. Crypto mining is an energy-intensive process demanding amounts ranging from 10MW to 100MW. Ethiopia generates around 5,200MW of energy from hydroelectric sources, making it a lucrative source of cheap electric energy for miners, who are not welcome for long in most countries.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...