KenGen posts solid half-year performance
Kenya Electricity Generating Company Plc (KenGen), has announced a commendable half-year performance, marked by a notable 8.4 per cent surge in net revenue, reaching Ksh24.7 billion for the six months ending December, 2023. To highlight the key performance indicators and prospects for the NSE-listed energy generator, CNBC Africa spoke to Peter Njenga, Managing Director at KenGen.
Fri, 01 Mar 2024 10:20:28 GMT
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AI Generated Summary
- KenGen reports an 8.4 per cent increase in net revenue, reaching Ksh24.7 billion for the half-year ending December 2023, attributed to favorable weather conditions and a 70 per cent rise in hydro generation.
- The company highlights its focus on renewable energy sources, market leadership in Kenya, and diversification strategies in new ventures across East Africa.
- KenGen's future outlook includes efficiency improvements, maintenance programs, and project expansions aimed at enhancing revenue generation and operational performance, while prioritizing climate adaptation and sustainability initiatives.
Kenya Electricity Generating Company Plc (KenGen) has reported a commendable half-year performance, marked by a significant 8.4 per cent increase in net revenue, reaching Ksh24.7 billion for the period ending December 2023. The company's Managing Director, Peter Njenga, discussed the key factors contributing to this growth in a recent interview with CNBC Africa. Njenga highlighted the positive impact of favorable weather conditions on hydro generation, attributing a 70 per cent increase to higher water inflows in the region. KenGen, a key player in East Africa's energy sector, boasts an installed capacity of 1,904 megawatts, with a strong focus on renewable sources such as hydro, geothermal, and wind, in line with sustainability and climate action goals. The firm commands a 60 per cent market share in Kenya and is actively pursuing diversification strategies and new revenue streams through partnerships and projects in the region. Njenga emphasized the importance of efficiency improvements and maintenance programs to enhance revenue generation and operational performance. Looking ahead, KenGen's outlook for the year includes initiatives to upgrade existing power plants, venture into solar energy, and expand geothermal projects, such as the rehabilitation of the Olkaria 1 plant. The company is committed to monitoring project timelines and adhering to regulatory frameworks to meet its December 2026 target completion date. In terms of climate adaptation, KenGen continues to prioritize renewable energy projects and environmental sustainability efforts, such as tree restoration programs in key operational areas. The company's strategic focus on green energy and eco-friendly practices underscores its commitment to sustainable growth and environmental stewardship.
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