Kenya Power defaults Sh23.9bn KenGen bill - Business Daily
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Kenya Power defaulted on payment for electricity worth Sh23.9 billion supplied by KenGen in the year ended June 2020.
Kenya Power #ticker:KPLC defaulted on payment for electricity worth Sh23.9 billion supplied by KenGen #ticker:KEGN in the year ended June 2020, exposing the electricity producer to the risk of major losses. The Office of the Auditor-General says in its report on the power generator’s financial statements that the debt had increased from Sh19.3 billion a year earlier. Kenya Power, the distributor, swung into a pre-tax loss of Sh7.04 billion for its financial year to the end of last June on costly wholesale electricity purchase from the electricity producer and higher financing costs that…
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