Glasgow, Wednesday, 3rd November, 2021: Kenya Electricity Generating Company (KenGen) Managing Director and CEO, Rebecca Miano, says the company is accelerating deployment of renewable energy to combat the adverse effects of climate change.
Speaking during a panel discussion under the theme, Accelerating Clean Technology Innovation and Deployment at the COP26 World Leaders Summit in Glasgow, Scotland, Miano said KenGen is committed to the fight against climate change and is supporting the Government of Kenya’s ambition to achieve 100 per cent utilization of renewable energy by 2030.
“Our future project pipeline, which is mostly green, includes geothermal, wind, solar and some hydro. The projects will be implemented in phases with the first expected to be commissioned by end of this year,” said Miano.
Key dignitaries who were in attendance during the panel discussion included, President Uhuru Kenyatta, United States of America President, Joe Biden, UK Prime Minister, Boris Johnson, India’s Prime Minister Narendra Modi, among other Presidents and world leaders including The Duke of Cambridge Prince William and Microsoft co-founder and billionaire Philanthropist, Bill Gates.
The KenGen CEO reaffirmed the company’s commitment to the Caring for Climate Working Group of the United Nations Global Compact (UNGC) in a bid to refocus the company’s business towards sustainability.
KenGen joined UNGC’s Business Ambition for 1.5°C Campaign, saying it is banking its future on green, affordable and accessible energy, including geothermal, hydro, wind, and solar.
The KenGen MD and CEO, who is a Board Member of the Global Compact Network Kenya (GCNK), said the company is enhancing its partnership with other key actors to make clean technologies the most affordable, attractive and accessible option for users.
“There is an urgent need to focus on renewable energy to meet our energy needs. AfDB estimates Africa’s electricity access rate at about 40% with over 645 million people with no access to electricity,” said Miano.
She said KenGen had also explored several opportunities with Non-State Actors including financial Markets and has over the years raised funds for green energy projects through various financial instruments such as infrastructure bond and Rights Issue.
“We also work with technology providers for innovative clean energy solutions including sizing of power plants, geothermal reservoir modelling and automation of operations and maintenance of our power plants through Internet of things,” said Miano.
She said KenGen had made inroads in working with other countries to help fast-track the adoption of green energy as a way of accelerating sustainable development while at the same time combating climate change.
“I am happy to confirm that we are already sharing our expertise and skills in accelerating clean energy innovation deployment, more so in geothermal development,” Miano said adding, “Indeed, in Africa we have a golden chance to go green early enough when the opportunity for growth is still rife. Through partnerships, which is SDG 17, we make the world habitat a better place for present and future generations.”
KenGen PLC is East Africa’s largest electricity producer and is among the top 10 geothermal energy producers in the world.
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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.
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
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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