KenGen Limited Achieves 5.8% Increase in Power Generation and Hosts Africa Energy Forum

Published On: November 14, 2023Company: KenGen Limited (KEGN.ke)
What progress has KenGen seen in the face of economic and environmental challenges, and what is a notable achievement mentioned for the past year?
Despite facing economic and environmental challenges, including a significant drought, KenGen has successfully navigated these issues and achieved strategic progress, including a 5.8% increase in power generation. A notable achievement has been its hosting of the prestigious Africa Energy Forum, which was held in Africa for the first time.

Summary of KenGen Limited 2023 Abridged Report

  • The report is the first by the new chairman succeeding General Samson Mwathethe.
  • Despite challenges in domestic and global economies, and a drought affecting hydro generation, the company successfully delivered on its mandate.
  • The geothermal strategy of KenGen provided the country with electricity, averting potential power rationing.
  • KenGen has seen progress towards strategic priorities and experienced a 5.8% increase in power generation, with electricity demand also up by 4.5%.
  • The company continues its focus on providing reliable and competitively priced electricity, emphasizing efficiency and sustainable management of renewable resources.
  • As a proactive combatant of climate change, KenGen actively discloses its climate change strategies and continues to contribute towards Kenya’s goal of transitioning to 100% renewable energy by 2050.
  • During the reporting period, 96% of the company’s electricity production was from renewable sources.
  • KenGen hosted the 25th Africa Energy Forum, which was held in Africa for the first time, highlighting KenGen’s position as a global leader in renewable energy.
  • The board has proposed a dividend of Kshs 0.30 per share for 2023, a 50% increase from the previous year.

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About KenGen Limited (KEGN.ke)

Kenya Electricity Generating Company Limited (KenGen) generates and sells electricity in Kenya and for consumption in East Africa sub-regions. Electricity is generated through hydro, thermal, geothermal and wind power generation plants with a combined installed capacity in excess of 1 600 megawatts. KenGen was incorporated in 1954 under the Companies Act as Kenya Power Company (KPC) to construct the transmission line between Nairobi and Tororo in Uganda, as well as develop geothermal and other power generating facilities in the two countries. KPC sold electricity in bulk at cost to Kenya Power under a management contract. Following energy sectoral reforms in 1996, the management of KPC was separated from Kenya Power and a new enterprise was established called KenGen. The power utility owns 31 power-generating plants and operates in a liberalised power generation environment. Its head office is in Nairobi, Kenya. Kenya Electricity Generating Company Limited is listed on the Nairobi Securities Exchange

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