Kenya Power has received approval from the government to bill some of its customers in US dollars in a major win for the firm whose recent performance has been hit hard by foreign exchange losses.
The utility on Friday said it is setting up accounts to enable the collection of electricity bills in US dollars, euros and Sterling pounds from customers that are willing and able to pay their bills in foreign currency.
“There was a lot of engagement on this right from the top, including the regulator and the government, and we got the necessary approvals. We are in the process of opening collection accounts in a manner that is well interfaced with our systems,” said Kenya Power Finance Manager Stephen Vikiru.
Kenya Power bounced back into profitability in the half year to December 2023, earning a net profit of Sh319 million. This is a significant turnaround from the net loss of Sh1.14 billion it recorded in the same period the previous year.
The utility recorded a 31 percent jump in revenues to Sh113.55 billion, up from Sh86.66 billion. This was driven by an increase in electricity sales, the end of the 15 percent power tariffs cut and the introduction of new, higher tariffs which took effect in April last year.
