Kenya Power Banks on Transformative Plan to Safeguard Leading Position in Energy Sector
Kenya Power has launched a new Five-Year Corporate Strategic Plan to guide its operations in the medium term as the Company seeks to safeguard its position as the region’s leading electricity utility.
The Corporate Strategic Plan 2023/24-2027/28 will drive value creation levers, redefine the Company’s operational business model and explore new growth areas to diversify and deepen revenue streams.
“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. 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 Kenya Power’s Managing Director & CEO, Dr. (Eng.) Joseph Siror.
For more than a century, Kenya Power has directly contributed to the national economic development agenda through provision of electricity to accelerate the growth of the various sectors of the economy. Currently, the Company boasts of a grid of more than 300,000 kilometres, supplying electricity to 9.2 million households and transforming the lives of 75 percent of the country’s population through access to electricity.
“The five-year Strategic Plan that we have launched today 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,” said Dr. Siror.
The Strategic Plan will guide the attainment of financial sustainability, customer centricity, operational excellence and optimization of human capital which are the main determinants of the Company’s ability to provide efficient, reliable and affordable electricity for all.
Further, the plan seeks to provide an optimal balance of competing interests in the electricity sub-sector in order to drive value for electricity consumers.
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. 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,” said Kenya Power’s Chairman of the Board of Directors, Joy Brenda Masinde.
At the center of the Strategic Plan is climate change and the broader aspect of sustainable business practices, with the sustainability strategy being the key output in the first year of the implementation of this Strategic Plan.
This is in line with the United Nations 2023 Agenda for Sustainable Development, the Kenya Vision 2030 and the Government’s Bottom-Up Economic Transformation Agenda (BETA).
Currently, Kenya Power is at the forefront in driving the uptake of electric motorisation and electric cooking in order to reduce reliance on fossils fuels as sources of energy. The Company successfully sought the introduction of the e-mobility tariff in the electricity tariff review that was approved by the Energy and Petroleum Regulatory Authority (EPRA) in April this year.
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