Nairobi: January, 26th 2023: Kenya Electricity Generating Company PLC (KenGen) will pay a total of Ksh 1.32 billion in dividends to its shareholders for the year ending June 30, 2022. This was after the company posted a Ksh.4.7 billion profit after tax.

This follows an approval by shareholders of the KenGen Board’s recommendation for a first and final dividend payment of Ksh.0.20 for the year for every ordinary share of Ksh.2.50 at the company’s 70th Annual General Meeting (AGM).

The government, which owns 70% of the shares in the NSE-listed company is expected to receive approximately Ksh.924 million in the payout while the rest will go to the private individual and institutional shareholders.

The dividend payout goes to demonstrate KenGen’s strong growth and stability over the years anchored on its geothermal-led strategy and revenue diversification.

Speaking earlier today during the AGM, which was held virtually, General (Rtd) Samson Mwathethe, KenGen Board Chairman, noted that the company’s strong business fundamentals, innovation culture, and robust expansion strategy have continued to propel the company to profitability, thereby growing value for its shareholders year-on-year.

“Our business growth is firmly anchored on our energy generation expansion strategy. In the last financial year, this strategy saw the addition of 86MW Olkaria I Additional Unit 6 into the national grid,” he said, adding, “our diversification approach on different areas such as geothermal development also played a huge role in creating more value to our shareholders.”

KenGen Chairman further said: “During the period under review, we experienced challenges such as the prolonged drought that affected our hydro power stations. Thanks to our business model, we managed to have sufficient generation from other sources, mainly geothermal, which enabled us to report growth in profit after tax and stabilize Kenya’s energy supply.”

For his part, KenGen Acting Managing Director, and CEO Mr. Abraham Serem reiterated the Company’s 2023 priority focus areas which he said will be on new technologies to generate more electricity using the existing power plants.

“This year, we plan to leverage new technologies to rehabilitate our oldest geothermal power plant whose first unit was commissioned in 1981, the 45MW Olkaria I. This project seeks to give it a new lease of life and increase its generation capacity to about 63MW.”

At the same time, KenGen is looking forward to adding 305MW geothermal power projects consisting of 280MW from geothermal sources in Olkaria and 25MW from the Eburru geothermal field in the coming years. The construction of these projects will commence after getting the requisite approvals.

Further, the company is rolling out plans to up-rate the turbines for the Olkaria I Additional Units 4 and 5 and Olkaria IV power plants to increase their output by an additional 40MW in a wider plan to further increase Kenya’s energy supply and catalyze the country’s economic growth.

KenGen is also betting on diversification in geothermal consultancy and e-mobility development to drive its financial sustainability in both the current and coming financial years.

Ends…/
Notes to the 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 1,904MW, of which over 86% is drawn from green sources namely: Hydro (826MW), Geothermal (799MW), Thermal (253MW), and Wind (25.5MW).

For media queries please contact:

Frank D. Ochieng, Tel: 0721816896
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Nairobi, Wednesday, January 5, 2023: Kenya Electricity Generating Company PLC (KenGen) has announced a renewed plan to scale up the deployment of renewable energy in the country by adding an additional 3000MW.

This new campaign will be driven largely by deploying up to 2000MW drawn from geothermal and hydro sources as baseload power to stabilize the country’s energy sources thereby diversifying away from expensive thermal sources.

At the same time, KenGen which is listed on the Nairobi Securities Exchange (NSE) says it has put in place plans to optimize the existing hydro sources even as it pushes for the development of new hydropower stations, and expansion of existing ones, particularly within the Tana River basin.

Speaking from KenGen’s Stima Plaza Headquarters in Nairobi, Ag. Managing Director and CEO, Abraham Serem said the company had revamped its corporate strategy and rolled out a 10-year strategy that seeks to add 3,000MW within the next 10 years. He further added that the company will be seeking to rehabilitate its existing power plants to make them mor efficient for sustainable generation.

“The Board approved a ten-year corporate strategy last year and we are now ready to roll it out in this new year 2023 having developed a robust implementation plan to lead us in the next frontier of our business growth,” said Mr. Serem.

Mr. Serem added that KenGen would be looking to tap into the vast potential of geothermal energy in the Rift Valley region, which is estimated to be about 10,000MW of clean and renewable energy.

“So far we have only exploited about 0.9GW of the 10GW geothermal potential and that is why a huge chunk of the additional capacity will be drawn from geothermal,” said Mr. Serem adding, “Our focus going forward is to secure the baseload capacity to stabilize Kenya’s energy supply mainly from green renewable energy.”

The Ag. CEO of KenGen singled out the upcoming 305 MW geothermal projects, with 280 MW coming from Olkaria and 25 MW from the Eburru geothermal power plant, for which he said construction would commence immediately after getting the requisite approvals.

In addition, the NSE-listed company plans to leverage on new technology to rehabilitate its oldest geothermal power plant, the 45MW Olkaria I to give it a new life and increase its generation capacity to more than 60MW.

“We will also be rolling out plans to up-rate the turbines for the Olkaria I additional units 4 and 5 and Olkaria IV power plants to increase their output by an additional 40MW,” said Mr. Serem adding that all this was part of the wider plan to stabilize Kenya’s energy supply and catalyze the country’s economic growth.

On the Western side of the Country, KenGen has announced plans to rehabilitate its Gogo hydropower plant to increase its capacity by about 8MW from the current 2MW. This is expected to contribute to the stability of the power supply in the western region.

“Going forward, we will be seeking to enlist new drilling fields for geothermal after successful drilling expeditions in the existing fields,” said Mr. Serem adding, “the acquisition of new fields will be one of the major initiatives for us in the new year as we seek to take advantage of the 10GW geothermal potential in the country.”

At the same time, KenGen says it will continue with its commercial drilling projects in the Horn of Africa namely Ethiopia and Djibouti where the company has drilled several geothermal wells with the latest one being the first of three wells successfully completed in November 2022 at Gale le Koma geothermal site in Djibouti.

“We are happy to see our teams deliver the same level of success in other countries as we do here at home in Olkaria where we have also drilled more than 320 geothermal wells to depths of 3,000 meters,” said Mr. Serem adding, ‘In geothermal drilling, successful drilling of the first well is a major milestone as it gives the engineers and scientists more insights of the terrain to inform the drilling of the successive wells.”.

The Ag. CEO went on to state: “We are also deliberately increasing our efficiencies in power plant Operations and Maintenance by training our staff to upskill and re-tool them to competently manage our existing power plants and also seek to give support to other organizations and countries in the region should the need arise.”

Also in the new year, KenGen is looking to roll out an E-mobility campaign aimed at leading Kenya’s transition from gasoline-powered vehicles to Electric Vehicles (EV) as another way of combating climate change while solving transportation challenges in the country.

The project, which was launched in November 2022, when KenGen unveiled its first four Electric Vehicles (EVs) in Nairobi is part of the company’s diversification ambitions in the e-mobility sector.

The four vehicles, which include two SUVs and two double-cabin pickups are primarily being used for data collection and policy development as the company prepares to install over 30 EV charging stations across the country in 2023. KenGen says preliminary results of the pilot so far are encouraging.

The venture is part of the NSE-listed company’s environmental and economic sustainability plan to reduce global Greenhouse Gas (GHG) emissions by inspiring confidence for wider EV adoption across the country. The company will use the cost and environmental data from the four EVs to transition its fleet to EVs, further demonstrating KenGen’s role in elevating its position on attracting investment funds financing green initiatives.

Ends.
Notes to the 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 1,904MW, of which over 86% is drawn from green sources namely: Hydro (826MW), Geothermal (799MW), Thermal (253MW), and Wind (25.5MW).

For media queries please contact:

Frank D. Ochieng, Tel: 0721816896

This email address is being protected from spambots. You need JavaScript enabled to view it.  or This email address is being protected from spambots. You need JavaScript enabled to view it.

Nairobi, Wednesday, November 30, 2022: East Africa’s leading energy producer, Kenya Electricity Generating Company PLC (KenGen) has posted a Ksh.4.7 billion profit after tax for the period ending June 30, 2022, more than double the Ksh.1.8 billion posted by the company over the same period last year.

The increase representing a 157% year-on-year rise, is attributable to business growth at a time when the NSE-listed company commissioned 86MW Olkaria I Unit 6 earning a tax expense reduction.

During the same period, revenue grew by 7.5% from Ksh.45.7 billion in 2021 to Ksh.49.2 billion, as the company continued to benefit from its investments in geothermal which ensured stable supply despite low generation from hydropower plants due to poor hydrology in most parts of the year.

Over the period ending June 30, 2022, KenGen generated more than 70% of the country’s renewable energy. This came from the company’s total fleet of hydro, geothermal, wind, and thermal, with a combined capacity of 1,904MW which delivered 7,918kWh during the year.

The KenGen board has subsequently recommended a first and final dividend of KShs 0.20 per ordinary share, amounting to a total dividend payout of KShs 1.3 billion for the year.

Commenting on the results, KenGen Acting Managing Director and CEO, Abraham Serem said: “KenGen has strong business fundamentals, posting stable results backed by its growth, innovation, and expansion strategy. We are pleased to report growth in profit after tax for the year ended June 30, 2022, despite prolonged drought which has affected hydropower generation during the period under review. We look forward to a promising year ahead buoyed by expected increased economic activities.

Mr. Serem went on to state: “From an innovation perspective, we are particularly keen to explore opportunities in the E-mobility space, which we recently delved into by unveiling four electric vehicles which we will use to collect data over the medium term with the view of informing future investment decisions on the same.”

KenGen will continue supporting geothermal power development in the region as well as exploring new business opportunities that are consistent with its renewable energy focus. For 2022, the company looks to kick off the redevelopment of a forty-year-old 45MW Olkaria I geothermal power plant to give it a new lease of life and boost its capacity to more than 50MW as well as the uprating of Olkaria I Additional Units 4 & 5 and Olkaria IV. This project seeks to grow the capacity of the two geothermal power stations from the current 280MW to 320MW.

Ends.

Notes to the 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 1,904MW, of which over 86% is drawn from green sources namely: Hydro (826MW), Geothermal (799MW), Thermal (253MW), and Wind (25.5MW).

For media queries please contact:

Frank D. Ochieng,

Tel: 0721816896

This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.

Nairobi, Friday, October 28, 2022:  The Board of Directors of Kenya Electricity Generating Company PLC (KenGen) has in its sitting of Friday, October 28, 2022, appointed Abraham Serem as Managing Director and CEO in an acting capacity.

Mr. Serem takes over from Rebecca Miano, who has been appointed Cabinet Secretary (CS) for East African Community (EAC), Arid and Semi-Arid Lands, and Regional Development.

Until his appointment, Mr. Serem has been the General Manager of Human Resources and Administration of the Company since March 1, 2016, when he joined KenGen.

Mr. Serem will be responsible for overseeing the transition process of the NSE – listed firm at a time when the entire country is undergoing changes, following the August General Elections which ushered in a new government.

Speaking today, while making the announcement, KenGen Board Chairman, General (Rtd) Samson Mwathethe congratulated the outgoing Managing Director and CEO for what he described as an exemplary and stellar performance during her tenure.

“Mrs. Miano led KenGen through an action-packed phase of steady growth which continued over the duration of her leadership, putting KenGen firmly on an upward trajectory,” said Chairman Mwathethe, adding, “Her biggest test was perhaps the COVID-19 pandemic which threatened energy utilities across the world, but she was able to steady the ship and deliver good results, even at the peak of COVID-19 restrictions.”

The Chairman hailed Miano for unlocking KenGen’s diversification strategy and rolling out several multimillion drilling consultancy projects in the region, most notably, in the Horn of Africa including, Ethiopia and Djibouti, where KenGen currently has active geothermal drilling projects.

“We will also remember Mrs. Miano for her role in championing KenGen’s position in the climate action campaign, not only locally, but also going all out to put the company on the global map,” said Chairman Mwathethe.

General (Rtd) Mwathethe exuded confidence that the trend set by the outgoing CEO will continue into the transition period and beyond, noting that the company had put in place a robust succession plan which has enabled it to have a smooth change in leadership over the years.

Mrs. Miano will be the fifth to exit the company since the unbundling of the energy sector in 1997 at a point when the generation side of the business (Kenya Power Company) was hived off from the off-taker and renamed KenGen.

Ends….
Notes to the 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 1,904MW, of which over 86% is drawn from green sources namely: Hydro (826MW), Geothermal (799MW), Thermal (253MW), and Wind (25.5MW).

For media queries please contact:

Frank D. Ochieng,
Tel: 0721816896
This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.

Olkaria, Naivasha, Tuesday, July 26, 2022: President Uhuru Kenyatta has today commissioned KenGen’s Olkaria I Additional Unit (AU) 6 Geothermal Power Plant, injecting an additional 86MW into the national grid further advancing Kenya’s green energy leadership.

The power plant, whose groundbreaking event was graced by President Kenyatta in 2018, propels KenGen’s total installed energy capacity to 1,904MW while its geothermal capacity now stands at 799MW. The commissioning of the plant further demonstrates the government’s effort to build a greener national energy pool from clean energy sources.

At the same time, President Kenya also commissioned another 172MW Olkaria V geothermal Power project earlier developed by KenGen with construction being completed in 2019.

Speaking when he presided over the official ceremony at Olkaria, President Kenyatta commended the KenGen team and stakeholders involved in undertaking the project which was implemented during the COVID-19 peak periods in 2020 and 2021.

The President noted that the commissioning of the power plants was aligned with the Least Cost Power Development Plan (LCPDP) in support of the Government’s Big Four Agenda.

“This is indeed a great milestone for not only KenGen but the rest of Kenyans as far as developing clean energy is concerned. Clean and safe energy is increasingly becoming vital in energy development, and it is through this approach that we shall attain universal access to electricity in our nation and meet key energy needs,” said the President.

While expressing satisfaction with the country’s clean energy development milestones, the Head of State noted that his government has put in place robust plans to ensure the country attains a 100 percent transition to clean energy by 2030.

“Since 2013, my administration has increased electricity access from 2.3 million connections to 8.6 million by the end of June 2021, thereby achieving an electricity access rate of over 75%. With 90 percent of this coming from renewables, it is my hope that by 2030, we shall have a 100 percent transition,” said the President.

During the event, Cabinet Secretary, Ministry of Energy, Amb. Dr. Monica Juma noted that the Ministry will continue to fulfill its mandate of providing clean and affordable energy for the nation with a focus on countering climate change.


“The completion of this project marks another milestone in Kenya’s efforts towards achieving energy security as well as accelerating economic growth through improved energy access. It represents an important moment in our efforts to reduce the country's reliance on fossil fuels and create a more sustainable future for us all,” said the CS.  

For his part, KenGen Board Chairman, Gen. (Rtd) Samson Mwathethe said: “This project is vital for our nation because considering that adequate supply of electricity is undeniably a primary enabler for our economic development. Through the experiences of this project, we are glad we managed to gain new experiences in geothermal development. Notably, the commissioning of Olkaria I Unit 6 propels us an inch closer to the Geothermal Gigawatt Club.”

His sentiments were echoed by KenGen Managing Director and CEO, Rebecca Miano, who noted that the company’s geothermal agenda was to increase production in line with the growing demand for power while also ensuring that the business lives up to the expectations of shareholders.

KenGen aims to deliver more green energy projects in the medium and long-term focused on supporting the Government’s economic growth agenda and clean energy development.

The company is also seeking to deliver over half the capacity from geothermal development and the rest from other clean sources.

Ends…/


Note to Editor:

About KenGen
Kenya Electricity Generating Company Plc, KenGen is the leading electricity generating company in Eastern Africa, with an installed capacity market share of more than 60%. The company’s primary business is to provide affordable and dependable electric energy for the country in an environmentally friendly and sustainable manner while creating value for its stakeholders.
Today, KenGen has an installed generation capacity of 1,904MW of which over 86% is drawn from green sources namely: Hydro (826MW), Geothermal (799MW), Thermal (253MW) and Wind (26MW).

For media queries please contact:  
Frank D. Ochieng, Tel:0721816896
This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.