Kenya Power now bets on goodwill for dollar electricity bill payments
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Loading... - Lara Da Silva
- 21 Mar 2023
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Kenya Power has abandoned a plan to bill customers in dollars and euros after the sector regulator said it would not approve the move.
The utility says that though it will continue billing in Kenyan shillings, it will negotiate with large consumers who wish to settle the bills in dollars on a one-on-one basis to help replenish its forex reserves.
The State-owned firm says it has opened bank accounts of the currencies and will start talks with big power consumers in a month, setting the stage for payments using the greenback.
It reckons it does not need the permission of the regulator — the Energy and Petroleum Regulatory Authority (Epra) — to accept payment in dollars.
“In the next month, we will start engaging with some of our customers who have huge dollar inflows because this will boost our dollar reserves. Remember we need dollars to pay our dollar-denominated loans and pay independent power producers,” Kenya Power's General Manager, Finance, Stephen Vikiru, said Monday. Read More..
