KenGen’s latest 83MW geothermal energy plant, Olkaria I Unit 6 (supply: KenGen)
Kenya’s KenGen has reported a 48% YOY revenue progress, bolstered by enhance in operation effectivity and new put in capability on the Olkaria geothermal discipline.
State-owned electrical energy firm KenGen has reported a 48% progress in revenue after tax for the 12 months ending in June 2023. The revenue progress has been attributed largely to elevated operation effectivity and capability progress of the corporate’s geothermal services in Olkaria in Naivasha, Kenya.
KenGen’s revenue quantity has grown from Ksh 3.4 billion (approx. USD 22.58 million) to Ksh 5.02 billion (approx. USD 33.33 million) for the final 12 months. The corporate has additionally reported a 14% progress in revenues, from Ksh 47.47 billion to Ksh 53.96 billion.
In accordance with Peter Njenga, KenGen Managing Director and CEO, KenGen’s elevated revenue is closely attributed to the improved operational effectivity of the Olkaria geothermal services, in addition to the rise in put in capability from the newly commissioned 86-MW Olkaria I Further Unit 6 geothermal energy plant.
“The commissioning of Olkaria I AU 6 geothermal energy plant pushed up our geothermal era by 24%. This contributed to an general enhance in electrical energy unit gross sales from 7,918GWh in 2022 to eight,027GWh,” stated Njenga. The CEO additional added that KenGen provided over 66% of the electrical energy consumption of Kenya for the 12 months.
Within the subsequent years, KenGen seeks so as to add extra era capability to leverage on the expansion in demand for electrical energy in Kenya, which is presently at about 5% yearly. KenGen is concentrating on 154 MW of recent put in capability over the following two years by rehabilitating and uprating its current energy vegetation.
KenGen had beforehand been awarded funding from the EU for the refurbishment of the Olkaria I and IV geothermal energy vegetation. The plans contain a turbine uprating that may enhance the capability of the 2 geothermal energy stations from the present 280 MW to 320 MW.
KenGen reported an a rise in working prices over the past 12 months as nicely, attributed to rising insurance coverage and impairment prices. Nevertheless, this was matched by the corporate’s income progress.
Supply: Kenyan Wall Road
