Kenya Power records Ksh.3.2 billion net loss

Kenya Power has posted a Ksh.3.2 billion net loss for the full year ending June 30, 2023.

The electricity distributor blamed the performance on currency fluctuation and the high cost of power purchase. 

This as the Kenyan shilling continued to depreciate against the US dollar and Euro, the currencies in which most of the power purchase agreements are made.

During the period, finance costs rose by 89 per cent to Ksh.24.2 billion. 

To mitigate the impact of forex exposure on operational performance, Kenya Power says it is working on restructuring its loan book to minimise the loan obligation that is dollar-denominated. 

Additionally, the company says it will continue to tap into new business growth areas to drive demand for electricity for sustainable growth.