Uganda: UETCL Posts Shs95b Profit In 2023 Despite Surge In Power Losses

Ugandan Electricity Transmission Company (UETCL) has posted a profit of Shs94.9billion
(equivalent of $23,915,228.40) for the period ended June 2023 on account of forex gains, a local media has reported.

The report said UETCL also reported unpaid arrears of Shs166b, resulting from power bills due to different ministries, agencies and departments.

The Ugandan Minister for Energy and Mineral Development Minister, Dr Ruth Nankabirwa, described the profit as a “good gesture,” during UETCL’s 15th annual general meeting in Kampala, noting: “We have also seen more off-taking of power evacuated by UETCL during the period.”

The company’s energy sales performance also grew by seven per cent from 5.4 gigawatts per hour due to an increase in demand and supply, leading to Shs1.3b in energy sales revenues.

Uganda currently has an installed electricity generation capacity of slightly above 2,000 megawatts largely from hydropower dams, of which 1,496 megawatts are from large hydropower dams.

However, annual transmission losses increased to 4.79 per cent from 4.2 per cent, against the Electricity Regulatory Authority’s 4.6 per cent target.

During the period, transmission coverage increased from 3,989 circuit kilometres to 4,218 kilometres with the commissioning of the 132-kilovolt Karuma to Lira, 132-kilovolt Karuma to Kawanda, and 132-kilovolt Mutundwe to Entebbe transmission lines, respectively.

Source:https:// energynewsafrica.com