Nairobi — Kenya Power has unveiled a new five-year corporate strategic plan (CSP) to safeguard it position as the region's leading electricity utility company.
In order to broaden and deepen revenue streams, the 2023-2028 CSP will push value creation levers, rework the firm's operational business model, and investigate new growth opportunities.
According to Joseph Siror, the CEO and Managing Director of Kenya Power, the blueprint also aims to increase the company's profitability and competitiveness.
''It is our blueprint to respond to the changing operational environment in order to safeguard the Company's leading position in the energy sector value chain,'' said Siror.
''The Strategic Plan will deliver projects and initiatives that strengthen the Company's competitive advantage, secure its profitability, increase access to electricity and improve the reliability and efficiency of power supply,'' he added.
With a current grid length of almost 300,000 kilometers, the utility firm provides power to 9.2 million households.
''The five-year Strategic Plan that we have launched is built on gains made during the last century of service to Kenyans and will provide a roadmap to attain the desired milestones that will sustain the company in the next phase of growth,'' he added.
In order to maximize value for power consumers, the plan aims to provide an ideal balance of conflicting interests in the subsector of electricity, according to Kenya Power Board of Directors Chair Joy Brenda Masinde.
''Given that electricity is an enabler of the country's socio-economic development, the Company's sustainability depends on, and gains from, increasing prosperity in its operating environment,'' Masinde said.
''The generation mix, network growth and average tariff progression will lead to more competitively priced electricity to the consumer while ensuring sustained profitability for the company.''
Kenya Power claims that the five-year plan aligns with the government's Bottom-Up Economic Transformation Agenda (BETA), Kenya Vision 2030, and the United Nations 2023 Agenda for Sustainable Development.