Here's Why Lights Were Dimmed at Kenya's 'Limping' Power Giant
If Kenya Power was not majority owned by the state, it would now be a company in receivership. Banks would be circling around it, ready to strip down its assets, and sell them to cut loses.
But being a parastatal, there is only one way out - the taxpayer has to bail it out in one way or the other. It is also such an important company for Kenya's economy to be left to collapse.
All the critical numbers at the firm are blinking red. To meet its day-to-day operations, the giant is now surviving on overdraft facilities.
Its finance bosses have been busy, writing one letter to one commercial bank after the other, asking to be allowed to breach the company's loan agreements without punishment.
At some point, there were even fears that the company's official paybill number had been infiltrated by staff and the money from the account was being paid to two different accounts - one owned by Kenya Power and the other to an unknown account. Investigations of this front went cold, writes Paul Wafula for The Nation.
Limping Giant - How the Lights Were Dimmed At Kenya Power
Nation, 4 October 2021
If Kenya Power was not majority owned by the State, it would now be a company in receivership. Banks would be circling around it, ready to strip down its assets, and sell them to… Read more »
How Kenya Power 'Lost' Over 1 Million Meters in Last Mile Project
Nation, 3 October 2021
Charles Cheruiyot, a member of a technical audit team at Kenya Power at the time, came across very shocking information. His audit team had spent four days reviewing the company's… Read more »
Kenya Power Set for Major Overhaul to Cut Energy Costs
Capital FM, 3 October 2021
Interior Cabinet Secretary Fred Matiangi has announced plans to overhaul the energy sector as part of government measures to lower fuel and power costs. Read more »
EPRA, Kenya Power Officials Face House Finance Team Over Fuel Price Hikes
Capital FM, 28 September 2021
The Parliamentary Committee on Finance and National Planning was Tuesday expected to begin the consideration of the two petitions challenging the increase in prices of petroleum… Read more »
Union Blames Board for Kenya Power Problems
Nation, 15 September 2021
Some of the Kenya Power directors currently under investigation undermined the top management of the utility firm and overreached on procurement matters, union officials have said. Read more »
Kenya Power managing director Bernard Ngugi has reportedly resigned after serving the country's sole power distribution company for almost two years.
He has been ... Read more »
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Kenya Power is technically insolvent and requires a government bailout to stay afloat. The latest report by Auditor-General Nancy Gathungu indicates that for the year ending June ... Read more »
Kenya Power says it has commenced the relocation of power lines on Nairobi's Mlolongo, Mombasa and James Gichuru roads, to pave the way for construction of the 27.1km Nairobi ... Read more »