Kenya Power’s profit after tax for the 12-month period to June 30 this year is projected to decline to at least Ksh196.5 million ($1.96 million), from Ksh262 million ($2.62 million) last year.
Data from the Kenya National Bureau of Statistics shows that the firm’s electricity sales during the first four months (January-April) of this year reminded relatively flat at 2.92 billion Kwh compared to 2.95 billion Kwh in the same period last year.
“Based on a review of the company’s financial performance, the board of directors has determined that the earnings for the financial year ending June 30, 2020, are projected to be lower than the earnings for the previous year,” said Kenya Power.
According to Kenya’s Economic Survey report (2020) the country’s total electricity demand increased by 3.9 per cent to 11,620.7 GWh last year (2019) from 11,182.0 GWh in 2018, with domestic demand for electricity increasing to 8,854 GWh from 8,702.3 GWh in the same period.
Wind power generation recorded the largest increase last year, becoming Kenya’s third-largest source of energy.
