This archive report was first published on 14 July 2020.
Kenya Power's board of directors has been disbanded, with multiple sources alleging the government's involvement in the decision.
The disbanded board was chaired by Eng. Mahmoud Maalim, with other members including CEO Bernard Ngugi and Dr. Joseph Njoroge, the Permanent Secretary in the Ministry of Energy.
According to Kenya Power's estimates, the company lost KSh 5.6 billion in revenue between March and June, blaming dwindling consumption for the loss.
CS Energy, Charles Keter, previously stated that 'Between March and June 2020, electricity consumption declined by about 14.8 percent corresponding to a decrease in energy consumption by about 341 GWh. Consequently, electricity sales revenue reduced by about KSh5.6 billion.'
Financial reports for the year ending June 30, 2019, reveal that the power distributor's net earnings dipped 92 percent, with earnings hitting KSh292 million for the year compared to Ksh3.3 billion recorded in the previous year.
Kenya Power had issued a profit warning last month, citing interruptions occasioned by the coronavirus pandemic as a cause for the decline in electricity consumption.
