Kenya Power loses Sh328m to vandals, wants copper export ban
Business
By
Esther Dianah and Winfrey Owino
| May 22, 2024
Kenya Power has lost 78 transformers worth Sh78 million in the last five months, translating into huge replacement costs.
Between 2022 and 2023, the power distributing company said it lost Sh220 million to vandals, with Kenya Power Chief Executive Joseph Siror calling for enhanced collaboration with stakeholders in the scrap metal industry.
In the financial year 2022-2023, the firm lost 365 transformers amounting to Sh328 million in replacement costs. "It is important for us to work together in combating this menace that is slowly but robbing Kenyans of access to reliable power supply," Dr Siror said at the Kenya Power, Consumers Federation of Kenya (Cofek) and the Scrap Metal Council dialogue forum with scrap metal dealers in Nairobi.
READ MORE
Kenya shines at Zone Individual Chess Championship in Ethiopia
Police-linked brutality victims in court, claim opaque compensation process
Safe but scared...: Tales of Mathare floods survivors
Inside huge cash withdrawals from affordable housing kitty
Prof Mutua should face MPs for grilling on victims payouts
Government should address issues raised by young people without resorting to intimidation
Subaru driver in a dramatic high-speed chase after alleged hit-and-run in Nairobi
Bottled water exempted from excise duty
"If you compute the cost of unserved energy, loss of business, and possibly lives, the losses are in billions of Kenya shillings. This is a huge loss to the economy and is unsustainable."
Head of Security at Kenya Power Paul Nyaga noted that high demand for copper drives vandalism. "Ready market in India and China, unemployment, lenient sentencing of offenders, high prices for copper in the black market, multiple uses and quick disposal of the products drives vandalism," Mr Nyaga said adding that copper attracts up to Sh1,700 per kilogrammes in the black market.
As a way to mitigate cases of vandalism, the power distributing company has proposed a total ban on copper exports, reiterating that Kenya exported copper waste and scrap metal worth Sh6.7 billion in 2023, despite not producing the same.
Speaking at the event, Scrap Metal Council Chief Executive David Rono noted that a scrap metal dealership remains a lucrative business with huge potential.
Common currency by 2031? EAC revives single currency push as central banks turn to gold
East African central bank governors have renewed efforts to launch a single regional currency by 2031 while strengthening economic resilience through reserve diversification.Ruto's fresh headache: Houthi Red Sea blockade sends fuel import costs soaring
Rising Middle East tensions and Houthi threats to Red Sea shipping routes have pushed up global oil prices, creating fresh pressure on President William Ruto’s government.Why Kenya's digital infrastructure is failing to deliver stronger economic growth
A new report says Kenya must complement investment in digital infrastructure with stronger digital platforms, skills and institutions.KMA explains delay in salvaging grounded ship off Nyali beach
The Kenya Maritime Authority has explained why it has taken so long for a ship that ran aground off Nyali beach in Mombasa to be salvaged amid fears it might cause oil pollution or be vandalised.Scrap metal dealers decry police harassment, ask for intervention
Scrap metal dealers in Kenya have accused police of harassment, arbitrary arrests and unlawful seizures, calling for government intervention to protect legitimate businesses.MOST READ
Common currency by 2031? EAC revives single currency push as central banks turn to gold
FINANCIAL STANDARD
By Brian Ngugi
- Ruto's fresh headache: Houthi Red Sea blockade sends fuel import costs soaring
FINANCIAL STANDARD
By Brian Ngugi
- Why Kenya's digital infrastructure is failing to deliver stronger economic growth
FINANCIAL STANDARD
- KMA explains delay in salvaging grounded ship off Nyali beach
SHIPPING & LOGISTICS
By Patrick Beja