Economy
Petroleum and Energy Authority Shifts to Self-Financing Model
The Reporter (Amharic) · 4 hours ago · Read the Full Story on The Reporter (Amharic)
AI SUMMARY
The Petroleum and Energy Authority has begun operating under a self-funding model financed through regulatory fees, fuel sales, and electricity levies following the implementation of amended Regulation No. 591/2018.
- Amended Regulation No. 591/2018 transitions the Petroleum and Energy Authority from government budget dependency to self-financing.
- The Authority's revenue sources include regulatory fees, a 0.5 percent levy per kilowatt-hour from total electricity sales, and 1.5 cents per liter from fuel sales.
- Additional revenue streams comprise licensing fees, bank interest, donations, and administrative penalties.
- A newly established Board consisting of at least five government-appointed members will oversee the Authority.
- The Board's responsibilities include approving organizational structures, determining staff salaries, overseeing budgets, and managing the energy efficiency and conservation fund.
- Staff hiring and administration, previously managed by the Director General, will now be directed by the Board.
- The Authority is authorized to verify the readiness of new fuel depots and stations and notify the Ministry of Trade and Regional Integration.
- The Authority will establish panels to resolve disputes regarding electricity services, tariffs, and service quality.
Related
IMF Cautions Ethiopia Against Premature Capital-Account Opening
Addis Fortune · 4 hours ago
Authority Courts Foreign Capital: It Will Also Have to Let It Leave
Addis Fortune · 3 hours ago
Africa to Launch Its Own Credit Rating Agency
The Reporter (Amharic) · 3 hours ago
Proposal Made for Selected Government Institutions to Use Interest-Free Finance
The Reporter (Amharic) · 4 hours ago