The company was formed in 1956 as the Ethiopian Electric Light & Power Authority (EELPA), which bundled all Ethiopian activities around electricity in a single organization.
In 1996, EELPA was split into the Ethiopia Electric Authority (EEA), taking over all regulating activities and a company, Ethiopian Electric Power Corporation (EEPCo), bundling all activities from power generation to household delivery.
In 2013, EEPCo was again split up into two companies, Ethiopian Electric Utility and Ethiopian Electric Power. Ethiopian Electric Power was formed by Council of Ministers Regulation No.302/2013.
The first (2013) CEO of Ethiopian Electric Power was Azeb Asnake, replaced in August 2018 by Abraham Belay. In 2016, Ethiopian Electric Power had more than 3500 employees.