Here is where KenGen made its money in 2024

More than two thirds of KenGen’s electricity revenue came from dispatching geothermal power, increasing its lead as the company’s top revenue maker.

KenGen, which is listed on the Nairobi securities Exchange (NSE), made a record Ksh41.25 billion electricity revenue in the financial year ended June 2024, out of which geothermal contributed 69%.

This is three times the next best revenue generator hydro, which contributed 23% of the company’s electricity revenue.

Meanwhile, thermal and wind made the least contributions of just 7% and 1% respectively.

When compared year-on-year, hydro’s contribution to the total electricity revenue grew at the fastest rate of 6.4% followed by geothermal which grew by 4.2%, while thermal went down by 2.3%.

Electricity units dispatched increased by 4.4% from 8,027GWh to 8,384GWh. Enhanced availability (over 90%) across our geothermal and hydro generation fleet resulted in the good performance

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The increase in revenue from electricity sales pushed the company’s total revenue to a record Ksh56.2 billion, marking a steady increase from Ksh53.9 billion in the previous year.

KenGen, which remains the country’s largest power producer, has a total installed capacity 1,785MW, out of which hydro is the largest with capacity of 826MW.

The firm’s installed geothermal capacity stands at 754MW, while it also has installed wind and thermal capacities of 25.5MW and 180MW respectively.

The company, in which the government retains a 70% shareholding, has lined up a number of projects in the ongoing financial year 2024/25 to grow its generation capacity in a bid to increase its electricity revenue.

In geothermal, KenGen plans to add 18MW from the rehabilitation of Olkaria I which will increase its capacity from 45MW to 63MW. It is also undertaking the 40MW uprating of Olkaria I AU 4&5 and Olkaria VI.

In hydro, it is rebuilding the Gogo hydropower plant to increase its capacity from 2MW to 8.6MW and raising the level of the Masinga Dam for increased water availability in the Eastern cascade.

KenGen has also secured funding to develop a 42.5MW floating solar PV power plant on the Seven Forks Dams, which will be a first of its kind in Kenya once completed.

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