Energy, Oil & GasThe Big Story

CEO in the Hot Seat: Will UETCL’s Richard Matsiko Reverse the UGX 293 Billion Loss? UETCL posts a UGX 293bn loss as new CEO Richard Matsiko takes charge. Can leadership reforms fix inherited sector failures and restore Uganda’s power utility?

Uganda Electricity Transmission Company Limited (UETCL) has emerged from the Auditor General’s FY2024/25 report as one of the most financially distressed entities in the country’s energy value chain—at precisely the moment when its leadership has changed hands.  The scale of the deterioration is stark: the national transmission utility slid from a profit of UGX 82.25 billion in the previous year to a loss of UGX 293.1 billion, placing it at the centre of a wider reckoning about value-for-money, governance, and accountability in Uganda’s most capital-intensive sector. The Auditor General’s assessment portrays a utility under severe strain, grappling with collapsing profitability,…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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