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Nairobi, Saturday, 30th October 2021: Kenya Electricity Generating Company PLC (KenGen) has released its full year Financial Results for the financial year ended 30th June 2021 reporting a 7% Profit Before Tax increase from Ksh.13.79 billion to Ksh.14.76 billion.

Additionally, the NSE-listed firm has recommended a dividend pay-out Ksh.0.30 per share which amounts to Ksh.1.98 billion to be paid to all its shareholders.

Announcing the results, KenGen Managing Director and CEO, Rebecca Miano said the profit growth was achieved on the back of continued revenue growth underpinned by the company’s diversification strategy.

Mrs. Miano said, “In spite of the challenging times, KenGen remained strong recording a steady performance and demonstrating sound financial position which reaffirms the company’s promise and commitment to continual business growth and maximization of shareholder value.”

“Revenue increased by 4.06% from Ksh.44.110 billion in 2020 to Ksh.45.901 billion. This was mainly attributed to revenues from geothermal, hydro generation and the diversification venture at Tulu Moye in Ethiopia. The ongoing geothermal drilling services in Tulu Moye contributed Ksh.1.784 billion compared to Ksh.440 million in the previous year,” said the KenGen MD and CEO.

Overall, there was a growth of 3% in unit sales from 8,237GWh in 2020 to 8,443GWh in 2021. The Company benefited from a full year operation of the 172MW Olkaria V geothermal power plant whose construction was completed in October 2019, resulting in a 12% displacement of thermal generation.

“In year 2021, we were blessed with favourable hydrology. In line with KenGen’s affordability agenda to lower the cost of electricity to the consumers, we prudently prioritised dispatch of competitively priced hydro generation,” Mrs. Miano added.

In the year ahead, KenGen aims to deliver Olkaria I Unit 6 geothermal power plant, which will add 83MW to the national grid by end of December 2021. At the same time, the company aims to progress the milestones towards the commencement of the 140MW Olkaria VI geothermal power plant through a Public Private Partnership.

Mrs. Miano thanked the Government of Kenya, the close to 200,000 shareholders, KenGen employees, development partners and other stakeholders whose contributions she said enabled the Company to achieve its mandate and record a steady business performance.

Note to Editor:

About KenGen

Kenya Electricity Generating Company PLC - KenGen is the leading electricity generation company in 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 1,818MW, of which over 86% is drawn from green sources namely: Hydro (826MW), Geothermal (713MW), Thermal (253MW), and Wind (26MW).

For media queries please contact:

Frank D. Ochieng, Tel:0721816896

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Nairobi, Thursday, 21st October 2021: Kenya Electricity Generating Company PLC (KenGen) has been recognized for leading the Eastern Africa region in clean energy production.

KenGen has been given the honorary recognition in the 2021 Climate Action Awards East Africa – a competition that shines a spotlight on people and organizations with groundbreaking innovations and ideas to mitigate the effects of climate change.

The regional awards, which are courtesy of the IGAD Climate Prediction and Applications Centre (ICPAC), seek to showcase successful solutions that can accelerate the transition to low carbon economies in Eastern Africa.

KenGen, which was feted alongside listed telecommunication service provider, Safaricom, was recognized for its pioneering work in reducing carbon emissions under the Clean Development Mechanism (CDM). CDM was developed as part of the output of a global concern to contribute to climate change mitigation and to foster sustainable development for non-industrialized countries.

Accepting the honorary award, KenGen Managing Director and Chief Executive Officer, Rebecca Miano (Mrs.), termed the award as a boost to KenGen’s climate action plan.

“KenGen is committed to making its contribution to the reduction of the effects of climate change by scaling up clean energy production. KenGen has been focusing on the production of green energy and currently more than 86% of the energy produced by the company is from clean sources namely wind, hydro and geothermal.” she said.

In late August, KenGen was cleared by the United Nations Framework Convention on Climate Change (UNFCCC) to sell an equivalent of 4.6 million tonnes of carbon emissions earned since March 2020.

The carbon credits were earned from six (6) projects that include include Olkaria II Geothermal Expansion Project, the redevelopment of Tana Hydro Power Station, the optimization of Kiambere Hydro Power Station, Olkaria IV Geothermal Project, Olkaria 1 Units 4&5 Geothermal Project and the Ngong’ Wind power project.

Earlier in 2019, KenGen joined the United Nations Global Compact, and earlier this year joined an elite list of global multinationals to commit to the United Nation’s business ambition for 1.50C campaign, becoming the first company in Kenya’s public sector to do so.

Ends...//

Note to Editor:

About KenGen

Kenya Electricity Generating Company PLC - KenGen is the leading electricity generation company in 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 1,818MW, of which over 86% is drawn from green sources namely: Hydro (826MW), Geothermal (713MW), 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.

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