Kenya shilling continued to record strong performance against major international currencies, including the US dollar Kenya Power and Lighting Company (KPLC) reduced electricity token prices due to ease in foreign exchange fluctuation rate KPLC customers expressed their happiness over a drop in prices of electricity, some hoping for a further decrease....CONTINUE READING
Kenyans continue to feel an ease in the cost of living as the value of the shilling gains against the US dollar.
Kenya Power and Lighting Company (KPLC) customers shared their experience with a drop in electricity token prices.
Between February 2024 and April 2024, the token amount increased by over 2 kilowatts per unit, depending on the tariff.
Customers purchasing tokens at KSh 500 received 16.09 units in April 2024 compared to 14.99 units in February 2024.
For KSh 5,000 spent in March 2024 on tokens, KPLC allocated 150.47 units compared to 160.94 units in April 2024.
Most Kenyans who purchased electricity tokens within the same period welcomed the decrease in prices, some hoping for more.
The move by the electricity distributor to lower token prices could be linked to the appreciation of the Kenya shilling against the greenback.
Central Bank of Kenya (CBK) data showed the shilling traded below the KSh 130 mark per dollar.
This means the utility firm’s foreign exchange fluctuation rate has been easing since February when the shilling started to strengthen against the US dollar.
In January 2024, the Energy and Petroleum Regulatory Authority (EPRA) raised electricity prices against the backdrop of declining shilling.
Kenya Power token prices shot up by 16.5% as the shilling fell to KSh 160 against the US dollar.
This is after the regulator hiked the foreign exchange rate fluctuation adjustment charge by 103.7% to a high of KSh 6.46 per unit, up from KSh 3.17..<<CONTINUE READING>>
