Kenya Power defaults Sh23.9bn KenGen bill - Business Daily

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…

saved by

• Erick Mokaya, CFA

related reading

• Kenya Power risks losing Sh16bn in rural electrificationbusinessdailyafrica.com
• Lancet CEO seeks Sh1.9bn pay amid shareholder rowbusinessdailyafrica.com
• Airlines, hotels hit with refunds crisis on lockdown cancellationsbusinessdailyafrica.com
• There Is No Power - by Strategist and Architect - TSCStscsw.substack.com
• Consumer debt hits record $2.6 trillion as more Canadians fall behind on paymentsfinancialpost.com
• Credit Bubble Bulletin : Weekly Commentary: Evergrande Momentcreditbubblebulletin.blogspot.com
• October 2022 Newsletter: Energy vs Sovereign Bond Marketslynalden.com
• Decentralizing the Electric Grid | Andreessen Horowitza16z.com
• Jumba, a Kenyan startup simplifying sourcing of construction supplies, raises $4.5M | TechCrunchtechcrunch.com
• 80 Percent of Shell Shareholders Vote to Let the World Burn | The New Republicnewrepublic.com
• The Transformer Crisis: An Industry on the Brinkpowermag.com
• 2026 Renewable Energy Industry Outlook | Deloitte Insightsdeloitte.com