Ethiopia earns over $60mn from electricity exports
Ethiopia’s electricity export ambitions continue to garner momentum as the country collected $66.4 million from the electricity it exported to neighbouring Sudan and Djibouti in the Ethiopian fiscal year that ended on July 7. What does this mean for the development of the Grand Ethiopian Renaissance Dam in the country? Zemedeh Negatu, Global Chairman Fairfax Africa Fund joins CNBC Africa for more.
Thu, 06 Aug 2020 16:14:02 GMT
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AI Generated Summary
- Ethiopia's $66.4 million earnings from electricity exports highlight the country's potential as a major player in the energy market, with the capacity to generate 45,000 megawatts of renewable energy.
- The successful export of electricity not only exceeds expectations but also underscores the critical importance of electricity availability in driving industrialization across Africa.
- The completion of the Grand Ethiopian Renaissance Dam is crucial for Ethiopia's energy export ambitions, with forecasts suggesting the country could potentially earn up to $1 billion annually from electricity exports.
Ethiopia’s electricity export ambitions have gained significant momentum, with the country earning $66.4 million from electricity exports to neighboring Sudan and Djibouti in the Ethiopian fiscal year that ended on July 7. This achievement not only exceeded expectations but also showcased the potential for energy export as a strategic economic tool. Zemedeh Negatu, Global Chairman Fairfax Africa Fund, emphasized the importance of Ethiopia's energy export success, highlighting the critical role of electricity availability in driving industrialization across Africa. Negatu pointed out that Ethiopia's capacity to generate 45,000 megawatts of renewable energy positions the country as a key player in meeting the region's energy needs. The success of Ethiopia's electricity exports marks a significant step towards energy independence and economic growth for the country and its neighbors. The interview also shed light on the implications for the development of the Grand Ethiopian Renaissance Dam (GERD), underlining its crucial role in supporting Ethiopia's energy export ambitions and benefiting millions of Africans.
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