Stock Groups

Safaricom confirms $300 million Kenya Power smart meter proposal By Reuters

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: This is a man walking past Safaricom, Kenya’s largest mobile telecom provider. It was November 15, 2015. REUTERS/Noor Khamis/File Photo

NAIROBI (Reuters) – Kenyan telecoms operator Safaricom,, said on Friday it had submitted a proposal to Kenya Power for the installation of a $300 million smart meter system at the utility, confirming documents seen by Reuters.

In a statement, the telecoms company stated that they were still waiting on feedback from Kenya Power. It also said it planned to install the smart meter system and maintain it for an additional eight years before handing it over to Kenya Power.

This utility is East Africa’s main power distributor and suffers annual losses of 23.46 percent on its transmission network. That is well beyond the international benchmark of 15%.

It stated that Safaricom’s proposed system would use Internet of Things technology, which allows for real-time grid monitoring, in order to decrease losses by eight percent in just two years.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs include futures, stocks, indexes and Forex. Prices are provided not by the exchanges. They are provided by market makers. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]