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Confusion As Kenya Power Reportedly Plans To Issue Bills To Its Customers In Foreign Currencies

According to reports, Kenya Power and Lighting Company (KPLC) is asking for permission to charge certain of its customers in international currencies, such as US dollars, Euros, etc.

Reportedly, Kenya Power has begun working with the market watchdog Energy and Petroleum Regulatory Authority to establish a rate for clients who will be paying in foreign currencies.

They claims that with a stable source of foreign currency to satisfy its obligations denominated in foreign currencies, Kenya Power would be better able to meet its obligations.

In particular, the company stated that while fulfilling its obligations in dollars, the current situation of the country's foreign exchange market had exposed them.

(News source)

Additionally, 90 per cent of the company's debt is made up of foreign currency borrowing, which puts it in bad shape if the local currency depreciates and hard cash becomes unavailable.(some of the reactions online)

Currently, 1 US dollar equals 122.58 Kenyan Shillings while 1 Euro equals 128.56 Kenyan Shillings.

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Energy and Petroleum KPLC Kenya Power Kenya Power and Lighting Company US

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