Episode Details

In this episode, recorded on 18 September 2026, we sit down with Stephen Kinadira (General Manager, Finance, Kenya Power) to unpack the utility’s FY26 financial performance, marked by an 8.6% revenue increase to KES 238.2B and Profit Before Tax of KES 25B. We examine the 26.7% rise in operating expenses, improved network efficiency, declining finance costs, and the return to positive working capital after a decade. We also explore Kenya Power’s dividend policy, debt restructuring, investment in grid infrastructure, electricity imports and exports across the East African Power Pool, and the impact of rising solar adoption and electricity market liberalization on its business.

Show Notes

00:00:00 Introduction

00:01:01 Electricity Value Chain and Competitive Position

00:05:09 Lodwar Grid Connection

00:06:43 FY2026 Financial Results and Revenue Breakdown

00:13:53 Tariff Yield and Network Efficiency

00:16:11 Operating Expenses and Provisions

00:22:44 Finance Costs, Debt Mix and Capital Expenditure

00:32:03 Balance Sheet, Cash Flow and Working Capital

00:43:07 Dividend Policy and Capital Allocation

00:47:45 System Losses, Solar Adoption and Future Priorities