Kenya Power Posts First Annual Profit in Five Years

Kenya Power has returned to profitability for the first time since 2019, reporting a net profit of Ksh3.1 billion for FY2023. The turnaround follows aggressive cost controls, reduced system losses (from 17% to 14%), and higher billing efficiency. CEO Rosemary Oduor credited the adoption of smart meters and prepaid systems for improving revenue collection. The utility also renegotiated costly legacy power purchase agreements with independent producers. However, challenges remain: customer complaints over outages persist, and the shilling’s depreciation raised foreign-denominated debt costs. The company plans to invest Ksh50 billion in grid upgrades over the next three years. Analysts warn that sustained profitability depends on shielding operations from political interference and accelerating renewable integration.