Kenya Power and Lighting Company (KPLC) recorded a significant turnaround, posting a profit after tax of KSh 30.08 billion by June 2024. The strength of the Kenyan shilling for most of the year played a key role in reducing the utility company’s financial costs, an improvement from the previous financial year’s KSh 3.19 billion loss after tax.
With approximately 90% of its loans denominated in foreign currencies, Kenya Power benefited from the stability of the Kenyan shilling. This stability of the Kenyan shilling also allowed Kenya Power to purchase electricity at lower costs, meeting higher demand, particularly from commercial and industrial clients, without significant financial strain.
In the 2024 fiscal year, Kenya Power connected 447,251 new customers to the grid and reported a slight increase in electricity demand, especially from commercial customers. To accommodate this, it spent KSh 150.61 billion on electricity purchases, up from KSh 143.58 billion in 2023.
