(3 Minutes Read)
Kenya Power said it is setting up accounts to enable the collection of electricity bills in US dollars, euros, and Sterling pounds from customers who are willing and able to pay their bills in foreign currency
Kenya Power has received approval from the government to bill some of its customers in US dollars. It is a major win for the firm whose recent performance has been hit hard by foreign exchange losses.
Kenya Power said it is setting up accounts to enable the collection of electricity bills in US dollars, euros, and Sterling pounds from customers who are willing and able to pay their bills in foreign currency. The company got the necessary approvals and is in the process of opening collection accounts in a manner that is well-interfaced with the existing systems. Kenya Power bounced back into profitability in the half year to December 2023, earning a net profit of Sh319 million. This is a significant turnaround from the net loss of Sh1.14 billion it recorded in the same period the previous year.
The utility recorded a 31 percent jump in revenues to Sh113.55 billion, up from Sh86.66 billion. This was driven by an increase in electricity sales, the end of the 15 percent power tariffs cut, and the introduction of new, higher tariffs which took effect in April last year.
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Kenya Power, however, continued to suffer significant forex losses during the period as finance costs more than doubled to Sh15.02 billion, marking a sharp increase from Sh7.39 billion in the preceding year. Kenya Power has for years sought approval from the Energy and Petroleum Regulatory Authority (Epra) to be allowed to bill some of its customers who earn in foreign currency, especially US dollars and euros, in those currencies.
