- Kenyans can finally breathe a sigh of relief after Treasury Cabinet Secretary John Mbadi announced a significant drop in electricity prices.
- Mbadi’s announcement comes on the back of successive profitability by Kenya Power, mainly pegged on the growth in revenue and electricity sales.
Kenyans can finally breathe a sigh of relief after Treasury Cabinet Secretary John Mbadi announced a significant drop in electricity prices.
Speaking outside Treasury buildings in Nairobi on February 13, the finance minister attributed the drop in electricity tariffs to the successive profits made by the Kenya Power Company (KPC) over the past few years.
The CS disclosed that the government had already begun taking measures to ensure that the state-owned operator’s profits were passed on to consumers in the form of cheaper electricity.
“Kenya power profits should be passed to the general public regarding reduced tariffs, and if you are keen, you will realise that the electricity bills, according to my resorts, have been going down,” the CS announced.
To fully address the matter, Mbadi urged Kenyans still experiencing higher electricity bills to submit their reservations so the government can take necessary action.
“If the current rates are not sufficient enough, the government will take measures to pass the benefits to the consumers because the cost of energy is a concern of the government,” Mbadi said.
Mbadi’s announcement follows Kenya Power’s successive profitability, which is mainly pegged on the growth in revenue and electricity sales as well as decreased finance costs due to the strengthening of the Kenyan shilling.
Kenya Power recently announced its net profit of Ksh9.97 billion for the half-year ending December 31, 2024, a significant increase from the same period in 2023.
Speaking on January 31, Kenya Power’s Managing Director Joseph Siror said the increase in electricity unit sales was driven by higher consumption, which resulted from improved network reliability, the connection of new customers, and improved outage resolution.
He noted that the availability of critical materials, including meters and transformers, heavily supported the electricity consumption.
“At the core of our strategy is a commitment to powering people for better lives while maintaining a sharp focus on operational excellence,” Siror told stakeholders.
He added, “Looking ahead, we are committed to sustaining our improved financial performance through targeted initiatives that enhance efficiency and diversify revenue streams to drive long-term growth.”