The sales by KenGen increased by 5 percent following growth in national electricity consumption which saw peak demand reach 1,976MW in December 2020.
KenGen’s half-year profit before tax soared 9.5 percent to 6.87 billion shillings for the period ended 31 Dec 2020. But the profit after tax declined 38.2 percent to 5.05 billion shillings from 8.17 billion shillings it reported on 31 2019.
The sales by KenGen increased by 5 percent following growth in national electricity consumption which saw peak demand reach 1,976MW in December 2020 compared to 1,882MW during a similar period in 2019.
Revenue from geothermal operations continued to show a growth trajectory, recording an increase of 14 percent supported by additional generation capacity from Olkaria V and revenue diversification from an on-going geothermal drilling project in Ethiopia.
“Net revenue increased by 9 percent from 18.9 billion shillings in December 2019 to 20.5 billion shillings for the period under review, primarily because of Olkaria V and revenue diversification from the Ethiopia drilling project,” KenGen MD Rebecca Miano said.
KenGen generates power and sells it to the Kenya Power and Lighting Company. Ironically, as KenGen makes profits, KPLC is wallowing in massive losses that have seen it running on the empty.
In 2020, KenGen announced plans to enter into the electricity supplying business with the target for high-end consumers across the country. But that move was seen as about dislodging KPLC which is struggling to deliver to demands.