This archive report was first published on 19 September 2019.
On September 19, 2019, Kenya Power issued a profit warning for the financial year ended June 30, 2019, citing a 25% drop in net earnings.
The company attributed the decline to an increase in non-fuel costs, which is in line with its long-term strategy of growing cheaper and cleaner renewable energy.
According to the company, its current strategy aims to reduce the long-term cost of energy to consumers and increase the long-term profitability of the company.
‘The growth in renewable energy is aimed at enhancing the company’s sustainability and making power affordable while reducing dependency on thermal generation,’ Jared Othieno, acting Kenya Power Chief Executive Officer, said.
