KenGen received a tax credit of 4.59 billion shillings from the Kenya Revenue Authority (KRA).
The Kenya Electricity Generating Company (KenGen) has registered a whopping 133 percent jump in profits to end the last financial year at 18.3 billion shillings in the just-released results attributed to increased output of cheaper geothermal and tax savings.
“KenGen recorded a 13.4 percent growth in electricity revenue mainly attributed to the full operationalization of our 165MW (megawatts) of Olkaria V geothermal power plant in November 2019 which boosted geothermal production by 14 percent,” managing director Rebecca Miano said.
During the period under review, KenGen received a tax credit of 4.59 billion shillings from the Kenya Revenue Authority (KRA), in contrast with the preceding year when it had paid 3.79 billion shillings. The company says good things lie ahead.
“In 2021, we aim to deliver the Olkaria I additional unit 6 geothermal power plant, which will add 83.3MW to the national grid,” Ms. Miano said adding that the firm would also “focus on the delivery of the ongoing projects in Ethiopia.”
KenGen controls 64 percent of the electricity generation market share with an installed capacity of 1,803MW and is currently contemplating entering into the electricity supply business that is currently dominated by the loss-making Kenya Power and Lighting Company.
Miano said the company would also continue implementing its Corporate Strategy to ensure sustainable power growth in the country while leveraging on innovation and partnerships for continued business growth and diversification.
“In the year ahead, we aim to deliver Olkaria I Unit 6 Geothermal Power Plant, which will add 83.3MW to the national grid, and continue with our diversification strategy focusing on consultancies, operations and maintenance services, training, and the operationalization of materials testing laboratory and electronic instruments calibration center,” she said.