Kenya Electricity Generating Company PLC (KenGen) records an increment in their total revenue recording 11% that’s Ksh 27.5 billion slightly varying from the 2021 Ksh.24.7 billion.
The increase in revenue has been attributed to a rise in energy sales resulting from expanded geothermal production capacity.
Not forgetting the prolonged drought that has tremendously affected its hydro generation capacity due to the low water levels caused by inadequate rainfall across multiple seasons. Usually, such a scenario would elicit power rationing within the country but that hasn’t been the case as the geothermal of Olkaria has boosted it.
“In previous years, we would be having serious scenarios of power rationing affecting the entire country at a time like now when the rains have failed,” said KenGen Acting Managing Director and CEO – Abraham Serem.
With the recently launched Olkaria I Additional Unit 6 geothermal power plant, generating 86MW, there has been a growth in electricity unit sales from 4,006GWhs in 2021 to 4,200GWhs by the end of December 2022.
According to Mr. Serem, KenGen’s geothermal-led strategy and investments in geothermal development have proven essential in lessening power rationing in the country, which was a common occurrence in previous years. Further expressing confidence in the company’s growth citing the work put in towards stabilizing the national grid.
“As KenGen we remain focused on our strategic initiatives, which include diversification of our revenue streams, innovation, and cost optimization. Today, our electricity is the most competitively priced and this has continued to cushion Kenyans from rising power prices. We are confident that we will continue to deliver value to our shareholders and Kenyans going forward,” added Mr. Serem.
Expressing prospects in the NSE-listed company set to begin the refurbishment of the Olkaria I geothermal power plant, which is forty years old, as planned. A move that he reveals will increase its capacity from 45MW to 63MW, as well as enhance the Olkaria I Additional Units 4 & 5 and Olkaria IV, which together currently generate 300MW, to a total of 340MW.