Kenya Power banks on 5-year plan to keep afloat
Kenya Power has floated a five-year strategic plan to keep the company afloat.
At the centre of the strategic plan is climate change and the broader aspect of sustainable business practices, with the sustainability strategy being the key output in the first year of the implementation of this strategic plan.
The plan also seeks to provide an optimal balance of competing interests in the electricity sub-sector to drive value for electricity consumers.
“The Strategic Plan will deliver projects and initiatives that strengthen the Company’s competitive advantage, secure its profitability, increase access to electricity and improve the reliability and efficiency of power supply. It is our blueprint to respond to the changing operational environment in order to safeguard the Company’s leading position in the energy sector value chain,” Kenya Power’s Managing Director & CEO Joseph Siror said.
Kenya Power milestone
Currently, Kenya Power boasts of a grid of more than 300,000 kilometres, supplying electricity to 9.2 million households.
“The five-year Strategic Plan that we have launched today is built on gains made during the last century of service to Kenyans and will provide a roadmap to attain the desired milestones that will sustain the company in the next phase of growth,” Siror said.
The utility firm says the plan will guide the attainment of financial sustainability, customer centricity, operational excellence and optimization of human capital which are the main determinants of the Company’s ability to provide efficient, reliable and affordable electricity for all.
For seven years running, Kenya Power has been operating at a loss.
In an audit for the year ending June 30, 2023, Auditor General Nancy Gathungu revealed that the company recorded a staggering Ksh4.43 billion loss before tax.
The company’s current liabilities of Ksh132.3 billion far exceed its current Ksh81 billion assets by a whopping Ksh51 billion as at June 30, 2023.
