- Kenya Power reduced operating costs by KSh2.08bn ($13,084,994) from KSh36.99bn ($232,677,071) to KSh34.91bn ($219,718,397).
- Kenya Power connected 318,217 new customers to the grid during the period.
Kenya Power and Lighting Company registered a growth in electricity sales. However, the utility firm reported a loss before tax amounting to KSh4.434 million ($27,890) compared to a profit before tax of KSh4,785 million ($30,115) the previous year. The loss was mainly attributed to an 89 per cent increase in finance costs due to the depreciation of the Kenyan shilling against major global currencies in that period. Kenya Power reduced operating costs by KSh2.08bn ($13,084,994) from KSh36.99bn ($232,677,071) to KSh34.91bn ($219,718,397). This report covers the financial year ending June 2023.
At the same time, provisions for electricity debt and other receivables escalated by KSh3.2bn ($20,130,5640) primarily due to an increase in unsettled customer debts during the year under review. The unavailability of critical materials for connectivity and system expansion projects proved a persistent challenge. Still, Kenya Power connected 318,217 new customers to the grid during the period. This raised the Kenyan electricity utility’s total number of customers to 9.2 million as of the end of June 2023.
In Kenya Power’s annual statement, the Chairman of the Board of Directors, Joy Brenda Masinde, said, “Our accelerated procurement and connectivity drive will see the backlog of 320,000 customers awaiting connection furnished with new meters and connected by the end of this calendar year.” The utility said the growth in the number of customers contributed to a 4.4 per cent increase in electricity sales, from 9,163GWh the previous year to 9,567GWh. This then saw revenue from electricity sales grow by 21 per cent from KSh157.35bn ($989,694,585) to KSh190.98bn ($1,201,219,396). This growth had a corresponding 5.2 per cent increase in energy purchased, from 11,815GWh units purchased to 12,425GWh.