KENGEN REPORTS ROBUST HALF-YEAR PERFORMANCE

BY VICTORIA MOVINE 

The Kenya Electricity Generating Company PLC (KenGen) has today reported commendable half-year performance, marked by a notable 8.4% surge in net revenue, reaching Ksh.24.7billion for the six months ending December 31, 2023.

As the leading electricity generation company in the Eastern Africa region with an installed generation capacity market share of more than 60%, KenGen reported that the national electricity demand continued its upward trajectory, peaking at 2,170.56MW on December 19, 2023, underlining the growing significance of KenGen's role in meeting the energy needs of the nation.
Peter Njenga, Managing Director and CEO KenGen.

Eng. Peter Njenga the managing director and CEO KenGen, reported that heavy rainfalls played a big part by increasing water levels in the dams that boosted the hydro-generation remarkably.

“The operational environment for the aforementioned period was characterized by heavy rainfall that led to an increase in water levels within our hydro dams thus boosting hydro-generation by a remarkable 7%. This substantial boost in hydro-generation played a key role in mitigating the high fuel costs associated with thermal generation, which saw a commendable dip of 3.5%,” said Eng. Peter Njenga. 

The company's positive progress was slowed by tax expense which surged by 25.7%, escalating from Ksh.1.48 billion in 2022 to Ksh.1.8billion in 2023, due to an increase in unrealized foreign exchange losses that are disallowable for tax purposes, after which it incurred losses by 9.2% from Ksh.3.3 billion in the corresponding period of 2022 to Ksh.2.9billion in 2023.

According to the report besides the losses the company incurred, KenGen has proven it's significance to provide energy for the nation whereby electricity units generated, demonstrated a modest improvement of 0.3%, reaching 4,211GWhs. KenGen reported that the national electricity demand continued its upward trajectory, peaking at 2,170.56MW on December 19, 2023.

Considering the escalating national demand for clean electric energy, KenGen has cited noteworthy projects that will generate clean electric energy for the nation including the rehabilitation of the Olkaria geothermal power plant which is expected to be completed by December 2026.


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