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EEPCo, which is the country's sole electric power provider in the country, first introduced its master plan in 2000 which included a plan to generate power for the next 25 years; up to 2025. However the corporation modified its estimated target in 2006.
Mihiret Debebe, Chief Executive Officer (CEO) of EEPCo, said that the adjustment of previous master plan, which was met during the first half of the scheduled period, was necessary as it accommodates the new dynamism and growth of the power sector observed in the country. “We have to revise the previous baseline to undertake projects with the current economic parameters,” EEPCo’s head explained.
“The first draft of the new master plan which takes up a 25 year period until 2037 will be released within six months or in the beginning of the second quarter of the coming budget year,” the CEO told Capital. He said that the corporation’s new master plan is targeted to generate over 37,000MW of electric power by the end of the period.
According to Mihiret, the corporation is preparing the coming strategic plan for the next ten years that will be undertaken after the Growth and Transformation Plan (GTP). “The new plan will hold wide areas in the power sector including the indication of financial sources,” he added.
For the implementation of the new plan and envisioned endeavours, the corporation requires billions of dollars. To get back their expected investment cost, EEPCo is considering soliciting several local and foreign financial sources, including the major partners. Mihiret said that the confidence of foreign-based financial partners, which are a major source of money are growing in relation planned power export and the expansion of the economy.
“We hope that we can get sufficient finance for the work we want to start soon,” the CEO confidently said, at the press conference held on Monday May 21. From the total investment, power generation will consume the major amount.
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