The value, in Birr, of foreign exchange losses by the Ethiopian Electric Power (EEP), a state-owned entity responsible for generation and transmission. Its financial statements show assets and equity surging to 13.6 billion Br in 2024 from 5.6 billion Br in 2021. If sizable foreign-exchange losses were booked as assets rather than recognised as expenses, the Utility’s balance sheet would look stronger than it is, while profits would be artificially flattered. That could help explain the company’s strikingly high margins and the absence of reported liabilities.
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