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Naivasha, Thursday, November 14, 2024: Kenya Electricity Generating Company PLC (KenGen) today hosted over 300 shareholders at its Olkaria Geothermal Site, offering them a rare, behind-the-scenes look at one of Africa’s most powerful geothermal energy operations. The tour, now in its tenth year, showcased how KenGen is harnessing natural resources to power a nation while steadily expanding its portfolio of sustainable energy sources.

Launched in 2011, KenGen’s annual shareholders’ tour seeks to deepen investor understanding of the company’s renewable energy strategy and to highlight the critical role shareholders play in shaping Kenya’s energy future. Olkaria, often hailed as the “Home of Geothermal in Africa,” produces 754MW of clean energy, underscoring Kenya’s capacity to leverage geothermal power for sustainable growth. With an estimated geothermal potential of 10,000MW, the site represents a cornerstone of KenGen’s renewable energy ambitions.

The event, which began with a ceremonial send-off from Nairobi’s Central Business District, was led by KenGen Board Chairman, Eng. Frank Konuche and Managing Director and CEO, Eng. Peter Njenga.

Eng. Konuche emphasized the company’s commitment to driving value for shareholders while contributing to a green energy future. “Today’s tour offers our shareholders a tangible view of their investment’s impact,” he stated. “Our focus on geothermal, hydro, wind, and solar reflects an unwavering commitment to sustainability and long-term growth for both our investors and the communities we serve.”

Beyond the tour, shareholders were presented with KenGen’s financial highlights and strategic projects designed to ensure future profitability and market leadership. The company recently reported a 35% profit increase, driven by robust revenue from its geothermal and hydroelectric power plants. “In a challenging economic climate, our operational efficiency and disciplined approach to cost management have sustained our growth trajectory,” said Eng. Njenga, pointing to KenGen’s stable operating profit of Ksh.9.6 billion.

The tour also featured updates on major projects in KenGen’s pipeline, including the rehabilitation of the Olkaria I plant to enhance capacity, development of the 100MW Marsabit Wind Project, and the construction of a 42.5MW solar array at the Seven Forks Dams. “Our goal is to lead Kenya’s green energy transition through pioneering investments that not only support national development but position KenGen as a driving force in sustainable power generation across Africa,” Eng. Njenga explained.

Eng. Njenga reaffirmed KenGen’s dedication to shareholder value, announcing an anticipated dividend payout following the company’s Annual General Meeting. “Our shareholders are at the heart of our success, and we are proud to deliver financial returns that reflect the growth and resilience of KenGen,” he said.

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Note to Editor:

About KenGen

Kenya Electricity Generating Company PLC - KenGen is the leading electricity generation company in the Eastern Africa region with an installed generation capacity market share of more than 60%. The company’s primary business is to provide safe, reliable, and competitively priced electric energy for the country in an environmentally friendly and sustainable manner while creating value for its stakeholders.

Today, KenGen PLC has an installed generation capacity of 1,725MW, of which over 93% is drawn from green sources namely: Hydro (826MW), Geothermal (754MW), Wind (25.5MW). The balance is from Thermal.

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NAIROBI, Tuesday, October 29, 2024: Kenya Electricity Generating Company PLC (KenGen) has reported a 35% surge in profit after tax for the fiscal year ending June 30, 2024, climbing to Ksh.6.8 billion up from Ksh.5 billion, driven by a strong growth in revenues from its geothermal and hydroelectric power plants.

At the same time, the NSE-listed generator’s finance income skyrocketed by 149% to Ksh.4.2 billion shillings in 2024, nearly tripling the 1.7 billion shillings recorded in 2023. This sharp increase bolstered the company’s overall profit jump underscoring its strategic financial management amid a volatile economic landscape.

“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 Eng. Peter Njenga, KenGen’s Managing Director and CEO.

This year’s financial results underscore KenGen’s ability to adapt to environmental and market challenges. The company reported dispatching 8,384GWh (Gigawatt- hours) of electricity during the year, up from 8,027GWh in 2023. The increase came despite volatile weather conditions and inflationary pressures that have affected many businesses in Kenya.

Eng. Njenga said the company was able to maintain a stable operating profit of Ksh.9.6 billion by focusing on cost management and efficiency improvements. KenGen’s power plants, particularly its geothermal and hydroelectric facilities, were critical to meeting the country’s peak electricity demand of 2,149MW during the period under review.

“Despite the harsh global macroeconomic challenges, characterized by high inflation and foreign exchange fluctuations, we were able to instill financial discipline and prudent cost management measures in our operations which has seen us flatten the operational costs,” said Eng. Njenga.

The CEO went on to state: “We are beginning to see the results of hard decisions taken on austerity measures implemented in the year and prudent financial management further supported by our ability to generate value from financial investments.”

According to the new financial results, KenGen’s revenues rose to Ksh.56.3 billion, a gain of Ksh.2.3 billion from the previous year. The company’s power generation output grew by 4% 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,” said Eng. Njenga.

The CEO went on to state that the company’s performance reflects its strategic focus on scaling up renewable energy capacity while maintaining operational efficiency. “We are committed to leading Kenya’s energy transition and delivering sustainable value to our stakeholders,” Njenga said.

Kenya has long been regarded as a leader in renewable energy on the African continent, with up to 90% of its electricity generated from renewable sources. KenGen, which produces about 70% of the electricity consumed in Kenya, has played a critical role in this transition, particularly through its geothermal projects.

Looking ahead, KenGen says it plans to focus on revenue diversification through projects such as the establishment of a Green Energy Park at Olkaria, which will provide industries with a platform to operate sustainably. The company is also providing commercial drilling services for geothermal development across the region, a move that is expected to further bolster its financial performance.

KenGen’s outlook for the future is firmly anchored in its Good-2-Great (G2G) 2024– 2034 Corporate Strategy, which is designed to propel the company into its next phase of growth. The strategy focuses on increasing renewable energy capacity by about 1,500MW, enhancing operational efficiency, and leveraging cutting-edge technologies to stay ahead in a rapidly evolving energy sector. KenGen is confident that this plan will not only ensure continued success but also support Kenya’s broader socio-economic development goals, particularly through improved energy access and environmental sustainability.

“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,” said Eng. Njenga adding that KenGen was committed to implementing its green projects on time and withing budget.

Eng. Njenga went on to say: “Our strategy goes beyond generating profits. At KenGen, we are deeply committed to environmental stewardship and responsible growth,” said Eng. Njenga. “The expansion of our renewable energy portfolio is aligned with our mission to support Kenya’s climate goals and drive sustainable development. As we continue to invest in green technologies, we aim to contribute meaningfully to the global fight against climate change.”

KenGen’s outlook, bolstered by its financial success and strategic focus on renewable energy, suggests that the company will continue to play a premier role in shaping Africa’s energy future.

“As we move forward, KenGen’s leadership in renewable energy and our ongoing commitment to innovation and sustainability will remain at the core of everything we do. We are not just providing energy; we are helping to shape a greener, more sustainable future for Kenya and the region,” said Eng. Njenga.

Ends…

Note to Editor:

About KenGen

Today, KenGen PLC has an installed generation capacity of 1,725MW, of which over 93% is drawn from green sources namely: Hydro (826MW), Geothermal (754MW), Wind (25.5MW). The balance is from Thermal.