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KPLC takes biggest sales hit from industrial users
Revenues from large industries DROP 9.5% - from KSh 117.69 Bn to KSh 106.49 Bn in the year to June 2025
Domestic sales only fell 1.3%, street lighting & e-mobility actually grew.
Yet in the same period, Devki Group and every major steel manufacturer in Kenya has dramatically increased smelting capacity:
• New induction furnaces
• New rolling mills
• Public announcements of “multi-billion expansions”
Question:
How do you massively ramp up electric-arc furnace production (some of the most power-hungry industrial processes on earth) while the total industrial electricity revenue to KPLC is collapsing?
Simple maths:
Either
1. They are somehow using MUCH less power per tonne than before (improbable - no major efficiency leap announced), or
2. Someone is not paying the correct tariff, or
3. Someone is not paying at all.
We already know night-time load-shedding for domestic users is routine while Mavoko and Athi River glow red 24/7 with arc furnaces running flat out.
We already know whistle-blowers have repeatedly claimed “special meters”, “direct lines”, and outright theft using shunts and bypasses.
KPLC itself admits the revenue collapse is largely due to the lower base tariff introduced in 2023 to help manufacturers, but the consumption in GWh actually went UP while revenue went DOWN.
That only happens when someone is shifted to a cheaper (or zero) tariff they don’t qualify for.
Steel boys are expanding, furnaces are roaring, lights in our estates are blinking, and KPLC is bleeding billions.
Connect the dots.
Someone is stealing power on an industrial scale, and we are all paying for it with tokens and taxes.
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Thread!
The most necessary skill in finance: How to analyze...
▪️Balance Sheet
▪️Income Statement
▪️Cash Flow Statement
Even though many professionals pay $100K for an MBA or accounting class, many can't do this.
Instead, here's an outline for analyzing all 3 in just 5 minutes:
The market crash is here.
Forget profits -- Free cash flow matters now more than ever
If you're an individual investor, you MUST know how to read a CASH FLOW STATEMENT
Here's what you need to know:⤵️
Revenue and income are NOT the same.
Costs and expenses are NOT the same.
Net income and free cash flow are NOT the same.
Confused? Here's a quick breakdown: