KenGen’s pretax profit up by 121 percent
Published on: February 29, 2016 05:03 (EAT)
The Kenya Electricity Generating Company (KenGen) has announced a 121 percent increase in its pre-tax profit to 8.3 billion shillings during the six-month period ended December 31st, 2015. The company’s total revenue increased by 52 percent to 18.5 billion shillings as at December 31st, 2015 on the back of the expansion of its power generation capacity and growth in electricity sales. While making the announcement, KenGen Managing Director and Chief Executive Officer Eng. Albert Mugo said energy unit sales from geothermal grew by 35 percent while favourable hydrological conditions led to a 9 percent growth in sales from hydro plants. The CEO further indicated that wind generation also had full impact after the completion of Ngong’ 20.4 MegaWatts plants in September 2014. He, however, noted that thermal or fuel fired generation has declined by 33 percent as geothermal power took precedence. Mugo now says the company will add 720 MegaWatts of power by 2020 as part of its target contribution of 844 MegaWatts towards the government’s goal of availing at least 5,000 MegaWatts. Among the plants whose implementation are at an advanced stage are the 70 MegaWatt Olkaria One unit 6,140 MegaWatt Olkaria Five and 140MW Olkaria Six.