- Kenya Power records a 3% increase in electricity sales for the 2020 financial year
- Kenya Power suffered losses during the COVID19 pandemic
In its Financial Report for the just concluded financial year, 2020, Kenya Power has said it expects a 3% recovery in electricity sales, an improvement from the previous year, which saw a drop in sales due to the COVID19 pandemic.
The state-owned utility firm revealed that the firm suffered a loss of Sh2.98 billion in the 2019 Financial Year, its first in seventeen years. The pandemic period saw the closure of several businesses and a reduction in electricity consumption for several industries. As a result, electricity consumption dropped to 14.8% between April and June 2019, costing Kenya Power Sh5.6 billion in revenues.
A forecast for the 2020 Financial Year shows ”Unit sales are projected to grow marginally by at least 3 % given the impact of the Covid-19 pandemic”, Kenya Power told its Shareholder in a Virtual Questions and Answers session.