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Uganda Electricity Transmission Company Limited (UETCL) has indicated that energy purchases increased by 573 gigawatt per hour (GWh) in the period ended June 30, 2022 due to sustained recovery of the economy from Covid-19-related challenges.

Details in the UETCL 2021/22 Annual Report, indicate that during the period, electricity purchases increased by 12 percent to 5,294 gigawatts per hour from 4,721 gigawatts in the same period in 2021, which saw generated revenues grow from Shs1.29 trillion to Shs1.35 trillion on account of increased sales resulting from the continued post-Covid-19 economic recovery.

However, despite growth in both sales and revenue, the company’s profits substantially reduced to Shs37b from Shs112.1b in the same period last year due to losses from foreign exchange volatilities and a rise in the cost of sales.

Mr Joshua Karamagi, the UETCL chief executive officer, said that whereas the company had returned a profit, its bottom-line had been impacted by a number of fundamentals including foreign exchange losses and inflation.

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