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From that article:

Ethiopian here. Main reason for this is the fact that it's currently struggling with a severe foreign exchange shortage, affecting its ability to import oil and other commodities. Aside from this surprising announcement, lack of foreign currency has also led to a significant push towards enhancing its agricultural productivity and boosting its local production of light manufactured goods.

I imagine the drive towards going 100% electric is largely motivated by this, but not entirely. Ethiopian has been investing massive amounts on its energy infrastructure for the past 20 years (97% of its energy comes from renewables). It's just about to inaugurate its 6500MW hydroelectric plant, poised to be the largest in Africa.

So this shift towards going fully electric, while partly in response to economic pressures, seems to also be part of a broader strategy that's been in the works for a couple decades (although a really ugly conflict recently cost them dearly and precipitated this foreign currency crunch).

The reliability of electricity in some parts still leaves a lot to be desired. Improving the consistency of power supply across the country seems like the next crucial step.

From what I can find, only about a quarter of Ethiopia's citizens have access to electricity. Perhaps BRICS+ can help them out now that they've joined?

A ton of the electricity currently generated in Ethiopia is from hydropower, which is a riskier and riskier source of energy as climate change advances and changes rainfall. Ethiopia's in a pretty unique position though, with a bunch of highlands upon which they could put wind power, as well as being located on a volcanically active area that could generate a lot of geothermal.

e.g. for wind:

Ethiopia, a country with a population of over 100 million people, has been making significant strides in its efforts to harness the power of wind energy. As the nation grapples with the challenges of energy security and climate change, wind energy has emerged as a vital component of its renewable energy mix. This growing importance of wind energy in Ethiopia can be attributed to a combination of factors, including the country’s vast wind resources, government support, and the increasing demand for clean and sustainable energy.

One of the primary reasons for the growing importance of wind energy in Ethiopia is the country’s abundant wind resources. According to the Ethiopian Electric Power Corporation (EEPCo), Ethiopia has the potential to generate over 1.3 million megawatts (MW) of wind power, making it one of the most promising wind energy markets in Africa. This potential is mainly due to the country’s diverse topography, which features highlands, rift valleys, and lowlands, creating favorable conditions for wind energy generation. The Ethiopian government has recognized the importance of wind energy and has been actively supporting its development. In 2011, the government launched the Climate Resilient Green Economy (CRGE) strategy, which aims to transform Ethiopia into a middle-income country by 2025 while maintaining a low carbon footprint. The CRGE strategy identifies wind energy as one of the key pillars for achieving this goal, and as a result, the government has been investing heavily in wind energy projects.

One of the most notable wind energy projects in Ethiopia is the Adama Wind Farm, which consists of two phases. The first phase, Adama I, was completed in 2012 and has a capacity of 51 MW. The second phase, Adama II, was completed in 2015 and has a capacity of 153 MW. Together, these two projects have significantly increased Ethiopia’s wind energy capacity and have helped to diversify the country’s energy mix. Another major wind energy project in Ethiopia is the Ashegoda Wind Farm, which was completed in 2013 and has a capacity of 120 MW. This project was developed by the French company Vergnet and was partly financed by the French Development Agency (AFD). The Ashegoda Wind Farm is considered one of the largest wind energy projects in Africa and has played a crucial role in demonstrating the viability of large-scale wind energy projects in the region.

The growing importance of wind energy in Ethiopia can also be attributed to the increasing demand for clean and sustainable energy. As the country’s economy continues to grow, so does its energy consumption. According to the International Energy Agency (IEA), Ethiopia’s energy consumption is expected to increase by 5% annually until 2040. This growing demand for energy has put pressure on the country’s existing energy infrastructure, which is primarily based on hydropower.

and for geothermal:

The country sits on the northern tip of the East African Rift System, a geological region spanning 6,400 kilometers (3,977 miles) with great geothermal energy resources that, if developed, could cover the electricity needs of several countries, according to the International Renewable Energy Agency. That resource has been underdeveloped for several reasons, including a lack of awareness of geothermal’s potential by local governments, a lack of funding, and unclear regulatory frameworks, the agency says.

Africa’s second-most-populated nation has the potential to generate 10,000 megawatts of energy from geothermal sources, for which it would need investments totaling about $40 billion, according to the government. The country is targeting 3,500MW by 2030. Unlike wind or solar power, which vary depending on the weather or the time of the day, geothermal is a constant source. “On top of being renewable, geothermal is a stable energy source,” Takele says. “Most of the energy sources have 30% efficiency, while geothermal supplies power throughout the year consistently.” Ethiopia is one of only two countries, along with Kenya, in eastern Africa with geothermal projects. For decades, energy analysts considered efforts such as these fringe at best, which may be why these initiatives are in their infancy. Kebede himself is one of the few Ethiopians with geothermal expertise.