The Kenya Power and Lighting Company Limited (KPLC) has issued a statement saying that its net earnings for the financial year ended 30th June 2019 are projected to decline by more than 25% of the net earnings reported in the financial year ending 30 June 2018.
The drop in profits is partly due to an increase in non-fuel costs in line with the firm’s long term strategy of growing cheaper and cleaner renewable energy.
In addition, KPLC notes that the growth in renewable energy aims to enhance sustainability and improving affordability. On top of that, KPLC wants to reduce the reliance on thermal generation by focusing on renewable sources.
The current strategy will ensure that KPLC delivers cheaper power to the consumers while increasing its long-term profitability prospects.