NAIROBI, Monday, December 9, 2024: Kenya Electricity Generating Company (KenGen) PLC, the largest producer of renewable energy in East Africa, swept three top awards this past weekend, affirming its leadership in financial reporting, sustainability, and supply chain management. The accolades come as the state-owned company forges ahead with its ambitious 10-year ‘Good to Great (G2G) strategy, aimed at transforming operations and scaling renewable energy capacity.

At the 2024 Financial Reporting (FiRe) Awards, KenGen was named the top State Corporation for financial reporting under IFRS Accounting Standards. This accolade celebrates the NSE-Listed company’s outstanding achievements in financial reporting and ESG integration, marking it as a benchmark for corporate transparency and governance.

The FiRe Awards, widely regarded as the most prestigious financial reporting recognition in East Africa, are organized by the Institute of Certified Public Accountants of Kenya (ICPAK) in partnership with the Nairobi Securities Exchange (NSE), Capital Markets Authority, and other key stakeholders.

“These awards are more than recognition, they are proof of KenGen’s dedication to financial responsibility, integrity, innovation, and sustainable development,” said Eng. Peter Njenga, the company’s managing director and chief executive officer. “As we celebrate this success, we are equally focused on the next decade, guided by the transformative goals of our G2G strategy.”

KenGen also emerged victorious at the 2024 Kenya Institute of Supply Chain Management (KISM) Awards, earning the Sustainable Procurement Award. This honour recognized KenGen’s exemplary efforts in embedding environmental stewardship into its supply chain operations.

The company’s innovative protocols for managing sensitive materials like fuel and its significant investments in eco-friendly infrastructure have set a new industry standard. In securing this award, KenGen outperformed giant corporations in private and public sector, further cementing its reputation for responsible business practices.

In a pioneering achievement, KenGen’s Supply Chain Manager, Beatrice Koskei, won the inaugural Supply Chain Women Leader award. Competing against industry stalwarts, Koskei was lauded for her visionary leadership and transformative impact in a traditionally male-dominated field. This award, introduced in 2024, is a significant step forward in recognizing the role of women in shaping supply chain excellence.

“We are proud of our team who continue to inspire me every day. The awards are a testament to our team’s commitment not only to grow KenGen but to exceeding stakeholder expectations and advancing Kenya’s sustainable development goals,” said Eng. Njenga.

Njenga emphasized that the accolades align with KenGen’s strategy of operational excellence across all business dimensions, from financial transparency to environmental stewardship. He added, “This recognition inspires us to continue leading by example, setting new benchmarks for corporate responsibility for the good of all Kenyans.”

Koskei, speaking about her historic recognition, highlighted her focus on empowering women in the supply chain sector. “Through mentorship programs and supplier diversity initiatives, we are breaking barriers and creating meaningful opportunities for women in this field. It is an honour to represent KenGen and to pave the way for more women leaders in their respective careers,” she said.

KenGen’s recognitions at the FiRe Awards and KISM Awards, are a powerful affirmation of its position as an industry trailblazer. They underscore the company’s role in shaping a sustainable, inclusive, and innovative corporate landscape for Kenya and the region.

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NAIROBI, Monday, November 25, 2024: Kenya Electricity Generating Company PLC (KenGen) has been appointed to the Multi-Sectoral Technical Committee (MSTC), a high- level team tasked with shaping Kenya’s carbon market framework.

This prestigious three-year appointment, effective November 22, 2024, was announced by the Cabinet Secretary for Environment, Climate Change, and Forestry, Hon. Aden Duale, through a gazette notice. The move positions KenGen at the forefront of advancing the Africa’s carbon trading future and unlocking new opportunities in the fight against climate change.

Reacting to the appointment, KenGen Managing Director and CEO, Eng. Peter Njenga, hailed

it as a timely recognition of the company’s contributions to sustainable development.

“We are honored to join this climate-positive committee, which will a key role in advancing the climate agenda not just in Kenya but across Africa. KenGen’s extensive experience in renewable energy and carbon credit generation uniquely positions us to provide valuable insights and help shape a robust carbon market framework for Kenya,” said Eng. Njenga.

The NSE-listed company CEO added, “This appointment underscores KenGen’s leadership in clean energy innovation, driving sustainable solutions that power our nation and contribute to global efforts to combat climate change.”

The appointment, made under the Climate Change Act, 2013, and the newly enacted Climate Change (Carbon Markets) Regulations, 2024, establishes a technical structure to oversee the development of carbon projects and facilitate participation in carbon markets. The initiative is expected to catalyze the growth of Kenya’s carbon economy, paving the way for the country to monetize its climate actions through the sale of carbon credits.

KenGen, a trailblazer in clean energy production, brings a wealth of expertise to the committee, having earned a cumulative 6.9 million carbon credits from six Clean Development Mechanism (CDM) projects registered under the United Nations Framework Convention on Climate Change (UNFCCC). These projects include the Olkaria II Geothermal Expansion, Redevelopment of Tana Hydro Power Station, and Ngong Wind Project, among others.

The MSTC is a multidisciplinary body comprising representatives from key government ministries, counties, and agencies. Its primary mandate is to provide technical advice to the Designated National Authority (National Environment Management Authority, NEMA) on carbon project assessments. This collaboration ensures alignment with international climate protocols while fostering local expertise and innovation.

NAIROBI, Thursday, November 28, 2024: Kenya Electricity Generating Company (KenGen) PLC, a leader in Africa’s geothermal development, has recorded major progress in its Ksh. 250 million geothermal development contract with the state-owned Eswatini Electricity Company (EEC). This milestone underscores KenGen’s continued commitment to advancing renewable energy across Africa.

The contract, awarded earlier this year, tasks KenGen with conducting comprehensive geoscientific studies to assess geothermal potential in three prospective regions of the Southern African country, Eswatini. The studies, aimed at establishing the feasibility of developing a geothermal power plant, are now well underway, with completion expected in the next few months.

Commenting on the progress during the NSE-listed company’s 72nd Annual General Meeting (AGM) held today, KenGen Managing Director and CEO, Eng. Peter Njenga reaffirmed the company’s dedication to advancing renewable energy solutions across Africa.

“Our strategic focus is on expanding our footprint beyond Kenya and leveraging our geothermal expertise to foster sustainable development across the continent,” said Eng. Njenga, adding, “This partnership with Eswatini marks another significant step in our mission to support Africa’s renewable energy ambitions and mitigate the effects of climate change.”

Eswatini, a landlocked Kingdom in Southern Africa bordered by South Africa and Mozambique, has set its sights on harnessing geothermal energy to strengthen its renewable energy capacity and enhance energy security. This aligns with the country’s broader commitment to sustainable development and global efforts to combat climate change by reducing carbon emissions.

“I am optimistic that our geoscientific studies will confirm the viability of Eswatini’s geothermal resources, enabling the country to increase its renewable energy portfolio and enhance its baseload capacity. This project also reinforces KenGen’s strategy to diversify revenue streams and ensure financial sustainability through geothermal consultancy and related services,” said Eng. Njenga.

Speaking during the AGM, KenGen Board Chairman, Eng. Frank Konuche described the new partnership as a strategic move by Eswatini to tap into its natural resources while contributing to Africa’s sustainable energy goals. “For KenGen, the project is a testament to our growing influence in geothermal development across the continent,” said Eng. Konuche.

KenGen’s experience and expertise in geothermal drilling, honed at Kenya’s Olkaria geothermal fields and in successful projects in Ethiopia, Djibouti, and Tanzania, played a strategic role in securing the Eswatini contract. The company’s reputation for excellence in geothermal consultancy and drilling services has solidified its position as a trusted partner in the region.

The Eswatini project is one KenGen’s latest geothermal development contract in Africa, following successful ventures in Djibouti, Ethiopia, and Tanzania. Kenya remains the continent’s leading geothermal energy producer and ranks among the top 10 globally, with an installed geothermal capacity of 754MW.

KenGen’s expertise in geothermal energy development continues to position the company as a key driver of Africa’s green energy transition while contributing to economic growth and environmental conservation across the region.

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About KenGen

Kenya Electricity Generating Company PLC - KenGen is the leading electricity generation company in the Eastern Africa region with an installed generation capacity market share of more than 60%. The company’s primary business is to provide safe,

Naivasha, Thursday, November 14, 2024: Kenya Electricity Generating Company PLC (KenGen) today hosted over 300 shareholders at its Olkaria Geothermal Site, offering them a rare, behind-the-scenes look at one of Africa’s most powerful geothermal energy operations. The tour, now in its tenth year, showcased how KenGen is harnessing natural resources to power a nation while steadily expanding its portfolio of sustainable energy sources.

Launched in 2011, KenGen’s annual shareholders’ tour seeks to deepen investor understanding of the company’s renewable energy strategy and to highlight the critical role shareholders play in shaping Kenya’s energy future. Olkaria, often hailed as the “Home of Geothermal in Africa,” produces 754MW of clean energy, underscoring Kenya’s capacity to leverage geothermal power for sustainable growth. With an estimated geothermal potential of 10,000MW, the site represents a cornerstone of KenGen’s renewable energy ambitions.

The event, which began with a ceremonial send-off from Nairobi’s Central Business District, was led by KenGen Board Chairman, Eng. Frank Konuche and Managing Director and CEO, Eng. Peter Njenga.

Eng. Konuche emphasized the company’s commitment to driving value for shareholders while contributing to a green energy future. “Today’s tour offers our shareholders a tangible view of their investment’s impact,” he stated. “Our focus on geothermal, hydro, wind, and solar reflects an unwavering commitment to sustainability and long-term growth for both our investors and the communities we serve.”

Beyond the tour, shareholders were presented with KenGen’s financial highlights and strategic projects designed to ensure future profitability and market leadership. The company recently reported a 35% profit increase, driven by robust revenue from its geothermal and hydroelectric power plants. “In a challenging economic climate, our operational efficiency and disciplined approach to cost management have sustained our growth trajectory,” said Eng. Njenga, pointing to KenGen’s stable operating profit of Ksh.9.6 billion.

The tour also featured updates on major projects in KenGen’s pipeline, including the rehabilitation of the Olkaria I plant to enhance capacity, development of the 100MW Marsabit Wind Project, and the construction of a 42.5MW solar array at the Seven Forks Dams. “Our goal is to lead Kenya’s green energy transition through pioneering investments that not only support national development but position KenGen as a driving force in sustainable power generation across Africa,” Eng. Njenga explained.

Eng. Njenga reaffirmed KenGen’s dedication to shareholder value, announcing an anticipated dividend payout following the company’s Annual General Meeting. “Our shareholders are at the heart of our success, and we are proud to deliver financial returns that reflect the growth and resilience of KenGen,” he said.

NAIROBI, Tuesday, October 29, 2024: Kenya Electricity Generating Company PLC (KenGen) has reported a 35% surge in profit after tax for the fiscal year ending June 30, 2024, climbing to Ksh.6.8 billion up from Ksh.5 billion, driven by a strong growth in revenues from its geothermal and hydroelectric power plants.

At the same time, the NSE-listed generator’s finance income skyrocketed by 149% to Ksh.4.2 billion shillings in 2024, nearly tripling the 1.7 billion shillings recorded in 2023. This sharp increase bolstered the company’s overall profit jump underscoring its strategic financial management amid a volatile economic landscape.

“This impressive growth not only strengthens our financial position but also signals greater returns for shareholders now and long into the future, while enhancing our ability to invest in critical renewable energy projects providing more affordable, reliable electricity for our consumers,” said Eng. Peter Njenga, KenGen’s Managing Director and CEO.

This year’s financial results underscore KenGen’s ability to adapt to environmental and market challenges. The company reported dispatching 8,384GWh (Gigawatt- hours) of electricity during the year, up from 8,027GWh in 2023. The increase came despite volatile weather conditions and inflationary pressures that have affected many businesses in Kenya.

Eng. Njenga said the company was able to maintain a stable operating profit of Ksh.9.6 billion by focusing on cost management and efficiency improvements. KenGen’s power plants, particularly its geothermal and hydroelectric facilities, were critical to meeting the country’s peak electricity demand of 2,149MW during the period under review.

“Despite the harsh global macroeconomic challenges, characterized by high inflation and foreign exchange fluctuations, we were able to instill financial discipline and prudent cost management measures in our operations which has seen us flatten the operational costs,” said Eng. Njenga.

The CEO went on to state: “We are beginning to see the results of hard decisions taken on austerity measures implemented in the year and prudent financial management further supported by our ability to generate value from financial investments.”

According to the new financial results, KenGen’s revenues rose to Ksh.56.3 billion, a gain of Ksh.2.3 billion from the previous year. The company’s power generation output grew by 4% despite the decommissioning of over 130MW of fossil fuel- powered plants in Kipevu and Muhoroni in the year.

“The shift to green energy is part of our broader push to meet the rising energy demand while reducing our carbon footprint, aligning with the Government of Kenya’s ambitious renewable energy goals of transitioning to 100% green energy by the year 2030,” said Eng. Njenga.

The CEO went on to state that the company’s performance reflects its strategic focus on scaling up renewable energy capacity while maintaining operational efficiency. “We are committed to leading Kenya’s energy transition and delivering sustainable value to our stakeholders,” Njenga said.

Kenya has long been regarded as a leader in renewable energy on the African continent, with up to 90% of its electricity generated from renewable sources. KenGen, which produces about 70% of the electricity consumed in Kenya, has played a critical role in this transition, particularly through its geothermal projects.

Looking ahead, KenGen says it plans to focus on revenue diversification through projects such as the establishment of a Green Energy Park at Olkaria, which will provide industries with a platform to operate sustainably. The company is also providing commercial drilling services for geothermal development across the region, a move that is expected to further bolster its financial performance.

KenGen’s outlook for the future is firmly anchored in its Good-2-Great (G2G) 2024– 2034 Corporate Strategy, which is designed to propel the company into its next phase of growth. The strategy focuses on increasing renewable energy capacity by about 1,500MW, enhancing operational efficiency, and leveraging cutting-edge technologies to stay ahead in a rapidly evolving energy sector. KenGen is confident that this plan will not only ensure continued success but also support Kenya’s broader socio-economic development goals, particularly through improved energy access and environmental sustainability.

“We have several major renewable energy projects in our pipeline, the 42.5MW Seven Forks solar plant, rehabilitation of Olkaria I geothermal power plant to give us 63MW and redevelopment of Gogo hydropower station targeting a total of 8.6MW,” said Eng. Njenga adding that KenGen was committed to implementing its green projects on time and withing budget.

Eng. Njenga went on to say: “Our strategy goes beyond generating profits. At KenGen, we are deeply committed to environmental stewardship and responsible growth,” said Eng. Njenga. “The expansion of our renewable energy portfolio is aligned with our mission to support Kenya’s climate goals and drive sustainable development. As we continue to invest in green technologies, we aim to contribute meaningfully to the global fight against climate change.”

KenGen’s outlook, bolstered by its financial success and strategic focus on renewable energy, suggests that the company will continue to play a premier role in shaping Africa’s energy future.

“As we move forward, KenGen’s leadership in renewable energy and our ongoing commitment to innovation and sustainability will remain at the core of everything we do. We are not just providing energy; we are helping to shape a greener, more sustainable future for Kenya and the region,” said Eng. Njenga.

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NAIROBI, Thursday, October 17, 2024: Kenya Electricity Generating Company PLC (KenGen) has today unveiled its bold G2G Strategy 2024–2034, a visionary roadmap aimed at spearheading Kenya’s transition to a sustainable and green energy future.

This strategic plan cements KenGen’s position as a trailblazer in renewable energy, with a clear focus on expanding geothermal, wind, and solar investments, advancing operational efficiency, and integrating cutting-edge technology for the good of all Kenyan consumers.

Speaking during the launch event held at the Olkaria Geothermal Spa in Naivasha, Hon. James Opiyo Wandayi, Cabinet Secretary for Energy, commended KenGen’s forward-thinking approach, stating that KenGen’s ambitious goals under the new strategy will include scaling up renewable energy capacity, diversifying its energy portfolio, and contributing to Kenya’s economic transformation through job creation and infrastructure development.

“KenGen’s G2G Strategy sets a clear and actionable path for the future of Kenya’s energy sector. As we pursue the goal of 100% renewable energy, the government will continue to support KenGen’s efforts to deliver clean, reliable, and affordable power to all Kenyans. This strategy is critical in our journey towards a low-carbon economy and will ensure Kenya’s continued leadership in green energy innovation,” said Hon. Wandayi who was the Chief Guest during the launch.

The CS went on to say that the G2G Strategy was built on key pillars that focus on expanding geothermal power capacity, scaling up wind and solar projects, and exploring new technologies like hydrogen energy and energy storage solutions. This diversification he said would not only strengthen Kenya’s energy resilience but also ensure KenGen remains a leader in the global renewable energy landscape.

For his part, KenGen Managing Director and CEO, Eng. Peter Njenga, stated: “This strategic plan represents a historic moment for KenGen and Kenya’s energy sector. Our vision seeks to harness Kenya’s immense renewable energy potential to provide reliable, affordable, and clean power to all Kenyans.”

The NSE listed energy generator CEO, went on to say: “We are committed to being at the forefront of the global energy transition, and the G2G Strategy will accelerate our efforts to achieve carbon neutrality while meeting the growing energy demand in the region.”

KenGen’s Board Chairman, Eng. Frank Konuche, reiterated the company’s focus on driving Kenya’s socio-economic impact through the new strategy.