Nairobi: Kenya Electricity Generating Company (KenGen) has recorded its strongest financial performance in nearly a decade, as announced during the firm's 3rd Annual General Meeting (AGM) held in Nairobi.

According to Kenya News Agency, the impressive results were fuelled by increased energy demand, expanded investments in clean energy, and ongoing sector reforms. Principal Secretary for Energy Alex Wachira praised KenGen's performance, highlighting improved sales and efficient management as key factors in strengthening shareholder value. Wachira noted the significant increase in KenGen's share price, which climbed from approximately one shilling and 70 cents to around 10 shillings and 30 cents, peaking at 10 shillings and 50 cents.

Wachira also revealed that KenGen, along with Kenya Power and Kenya Electricity Transmission Company Limited (KETRACO), are accelerating investments to boost national electricity sales from 8.4 GWh to nearly 10 GWh in the medium term. He mentioned the introduction of a 250-300 MWh battery energy storage system aimed at reducing power venting and stabilizing evening peak supply, coupled with several priority transmission projects.

The Principal Secretary detailed ongoing projects, including the fast-tracking of the Bura-Nairobi line for completion by December 2026, the Lessos-Kabarnet line by the end of this year, and the Mariakani substation expected in the first quarter of 2026. Meanwhile, the Suswa-Mariakani 400 kV circuits are anticipated to significantly bolster supply to the Coast region, with new 400 kV lines to Thika, Malaa, and Konza enhancing reliability and distribution flexibility.

KenGen's long-term expansion strategy includes projects like the Karura Dam hydropower, Marsabit wind power, additional geothermal phases in Olkaria, and development of the country's first nuclear power plant. Wachira emphasized these initiatives align with the President's target of achieving 10,000 MW of new capacity, foreseeing a bright future for KenGen.

KenGen Board Chair Alfred Agoi remarked on a defining moment for the company, marked by an agreement with the Nuclear Power and Energy Agency (NuPEA) to develop and operate Kenya's first nuclear power plant. This project will commence with 2 gigawatts and is expected to scale to 6 gigawatts in the coming years, representing a significant legacy for the nation.

Agoi stressed the potential of nuclear energy to provide clean, reliable, and transformative power, aiding Kenya's ambition to become a modern low-carbon industrial economy. He also reiterated KenGen's commitment to its G2G 2034 strategy, which targets 1,500 MW of new renewable capacity and 500 MW of energy storage.

The Board Chair highlighted progress at the KenGen Green Energy Park, now declared a Special Economic Zone, attracting major private investments such as a planned green hydrogen and ammonia plant valued at about Sh600 billion, expected to start production within two years. Agoi also noted KenGen's growing geothermal footprint across Africa, offering drilling services and technical expertise to partner countries.

KenGen Managing Director and CEO Eng. Peter Njenga disclosed that the company achieved a 54 percent increase in profit after tax, reaching Sh 10.48 billion. This growth was driven by cost reductions, diversification revenues, and improved foreign exchange positioning. The AGM approved one of the highest dividend payouts in nearly ten years, reflecting strong shareholder endorsement.

Njenga highlighted Kenya's peak electricity consumption reaching 2,418.77 megawatts in November, indicating accelerated industrialization and rising economic momentum. He also shared updates on KenGen's 252 MW clean-energy pipeline, including projects like the 63 MW Gitaru modernization and the 42.5 MW Seven Forks solar project, aimed at supporting industrial growth in Western Kenya.

In addition, KenGen's geothermal leadership continues to expand across Ethiopia, Djibouti, Eswatini, Tanzania, and Bhutan, supported by a strengthened partnership with Toshiba ESS. Njenga concluded by emphasizing KenGen's role in powering Kenya's next economic leap and supporting the country's transition to a competitive low-carbon industrial economy.