Here is a copy of my current code:

#!/usr/bin/env python3

from kasa import SmartPlug
import asyncio
import time

plug = SmartPlug("192.168.1.96")

while True:
    asyncio.run(plug.update())
    power = plug.emeter_realtime.power
    print(power)
    time.sleep(5)

This almost works, but I encounter "Detected protocol reuse between different event loop" and then it eventually errors out.

What is the proper way to update the emeter information every X seconds?

Polling devices and storing them in a database is probably one of the top reasons for using this library. It would be wonderful if more examples were added to the documentation to show how to poll every X seconds / minutes.