Treasury Secretary John Mbadi has announced that Kenyans are already reaping benefits of reforms in the energy sector with reduced electricity Bill.
He said whilst the benefits are trickling down to the consumer as reflected in the monthly power bills, the size of reduced power tariffs will even be bigger in the near future,
He noted that in the last half of the year Kenya Power and Lighting Company made over Sh 9 billion in after-tax profits and this is expected in the coming half with a similar mark assuring consumers of much lower tariffs consequently.
“If you are keen you will realise that your Electricity Bill from the report I have been going down and if that is not sufficient enough the Government will act to pass the benefits to the consumer because the cost of energy for business is a concern of Government to lower the cost of Energy,” he said while fielding question from the Press and the Public in a historic event outside the Treasury on Harambee Avenue.
Addressing the cost of power, Treasury PS Dr Chris Kiptoo said that when they started reforms Kenya Power was in a very bad situation.
The aim was to restore medium term profitability. By the end of 2022 the liquidity gap that Kenya Power had was Sh 74 billion, Through the reforms that we had undertaken, the gap now is Sh 13 billion
“You have seen the results from Kenya Power and they have posted Sh 9.9 billion after tax and that is just half if the year and if continue in that direction it will be Sh 18 million and the consumer will start to reap benefits on the background of Microeconomic stability,” explained Prof Kiptoo when responding to a question by The city Mirror.
He noted that the consumers have been benefitting from a lower Forex rates that have come down from Sh 160 to the Dollar a year ago to Sh 129 to the Dollar today.
The price of domestic electricity units today at Sh1.50 per Kilowatt energy.
