Higher electricity sales from geothermal and hydroelectric power plants helped Kenya Electricity Generating Company (KenGen) realize a 35pc growth in profit after tax to Ksh 6.8 billion from Ksh 5.02 billion in a year to June, 30 2024.
In the period under review, the electricity generator realized a revenue growth of 4,3pc to Ksh 56.3 billion compared to Ksh 53.96 billion reported over the same period last year.
“This impressive growth not only strengthens our financial position but also signals greater returns for shareholders now and long into the future, while enhancing our ability to invest in critical renewable energy projects providing more affordable, reliable electricity for our consumers,” said Peter Njenga, KenGen Managing Director.
KenGen says during the year, electricity dispatch grew by 4.4pc to 8,384GWh from 8,027GWh recorded last year despite the decommissioning of over 130MW of fossil fuel- powered plants in Kipevu and Muhoroni in the year.
“The shift to green energy is part of our broader push to meet the rising energy demand while reducing our carbon footprint, aligning with the Government of Kenya’s ambitious renewable energy goals of transitioning to 100% green energy by the year 2030,” added Njenga.
KenGen says its geothermal and hydroelectric facilities, were critical to meeting the country’s peak electricity demand of 2,149MW during the period under review.
Through its 10 year strategy, the power generator plans to boost its renewable energy capacity by additional 1500MW.
“We have several major renewable energy projects in our pipeline, the 42.5MW Seven Forks solar plant, rehabilitation of Olkaria I geothermal power plant to give us 63MW and redevelopment of Gogo hydropower station targeting a total of 8.6MW,” stated Njenga.
