In a notice to shareholders, Kenya Power announced the resignation of its board members; Mr. Adil Khawaja, Mr. Kairo Thuo, Mr. Wilson Kimutai, Mrs. Brenda Kokoi the project manager, and Ziporah Kering.
Multiple sources allege that the government has disbanded the entire Kenya Power Board of directors. The disbanded board was chaired by Eng. Mahmoud Maalim, with other members being CEO Bernard Ngugi and Dr. Joseph Njoroge the PS in the ministry of energy.
PROFIT WARNING
Kenya power issued a profit warning last month saying that interruptions occasioned by the coronavirus pandemic had caused a decline in electricity consumption.
According to Kenya Power estimates, the company lost KSh 5.6 billion in revenue between March and June blaming dwindling consumption for the loss. At the time, CS Keter said
“Between March and June 2020, electricity consumption declined by about 14.8 percent corresponding to a decrease in energy consumption by about 341 GWh. Consequently, electricity sales revenue reduced by about KSh5.6 billion
CS Energy, Charles Keter
Financial reports for the year ending June 30, 2019, reveal that the power distributor net earnings dipped 92 percent. Earning hit KSh292 million for the year ending June 2019, compared to Ksh3.3 billion recorded in the previous year.
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Kenya Power Loses KSh 5.6B Revenue as Electricity Demand Tumbles