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Announcements...15-Oct-08: 1st & Final Dividend: 0.90/= • Payment: 2-Feb-09
Discuss KenGen Ltd• My Stocks on WAP!! Congratulations!! Eva Wanjiru • February 2007 (9 replies)
• Final dividend of 0.40 silk • February 2008 (2 replies)
• Kick in the teeth, why higher dividend MainaT • September 2007 (no replies)
• Olympia sloopas • July 2007 (4 replies)
• Dividends Payment Bobo • May 2007 (2 replies)
• Post a New Topic • Discuss KenGen • View Discussion Board •
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2.00Segment: Main Investment Market
Sector: Industrial And Allied
Brief Company Profile
Stima Plaza Phase III Kolobot Road 47936 Nairobi, Kenya +254-20-3666000 (Phone)
+254-20-248848 (Fax)
Company website:
http://www.kengen.co.ke/
News Releases | Investor Relations | Financial Information | Corporate History/Profile | Executives | Products/Services | Employment Opportunities
Updated: Sun, September 21, 2008
Business Performance
KenGen is involved in the generation of power, mainly through hydro, thermal and geothermal generation, and subsequent sale to KPLC. The firm is the market leader in power generation with about 80% of the market share i.e. it supplies about 80% of the total electricity sold by KPLC. As of 30th June 2005 the firm had an installed capacity of 945MW while the effective capacity stood at 923MW, implying 97% generation efficiency. In 2006 the firm managed to generate and sell about 4,538 GWh at a rate of KES 1.76 per KWh. Accordingly the firm was able to record a 30% rise in revenue from electricity sales to KES 14.30 Billion in the 2005/06 financial-year.
The firm continues to be the least cost producer in Kenya even after factoring in fuel and FEA costs given that the licensed Independent Power Producers (IPPs) offer power at higher tariff rates in the range of KES 3.39 — 6.93. Consequently, the firm's dominance in the power sector is, for now, assured as it is the least cost producer. In this connection, KenGen plans to invest 15 billion in the next 2 years for six plant upgrading and installation projects, which will yield the company an additional KES 1.30 Billion in annual revenue. At present, hydro-generation is the dominant power source contributing 55% of the total energy generated while thermal (diesel) and geothermal comprise 27% and 18% respectively for the industry.
As of 1st July 2006, the bulk supply tariff was to be reviewed upwards by 34% to KES 2.36 /KWh, but this measure has increasingly come under increasing resistance from both KPLC and the Energy Ministry. More poignantly, KenGen may be relying on the raising of tariffs to aid in the financing of future generation capacity expansion. On one hand, the upward adjustment in tariffs will impact positively on the firm's revenue. On the other, its sole customer, KPLC, is bound to suffer declining profitability, unless it passes these additional costs to the consumer — something which the Government is opposed to. All in all, KenGen has been able to turn in decent profits even without the tariff adjustments, with operating profits rising by 31% to KES 3.78 Billion while earnings rose by 137% to KES 1.71 per share.
Future Prospects
The growth in power consumption of about 7%, over the next 20 years, coupled with the firm's capacity expansion initiatives should bring about a steady growth in profitability in the long run.
Updated: Thu, October 26, 2006
• Kengen Accounting Rule Change Sparks Off Debate on Forex Exposure in Power Bills (03 Feb 2010)
Had KenGen adhered to provisions of the International Accounting Standards (IAS) while preparing its financial statements for last year, it would have reported a pre-tax loss of Sh894.6 million.
• Kengen Seeks Oil Suppliers for Emergency Power (02 Feb 2010)
New fuel suppliers for emergency power generators are being sought to forestall a power crisis whose stability is pegged on the resumption of the March-May long rains.
• Kengen Signs Sh3.93 Billion Deal (11 Jan 2010)
KenGen on Monday signed a Sh3.93 billion contract, which will nearly double the output of the Kindaruma Power Station, three days after an appeal by one of its bidders was thrown out.
• Kengen to Slash Costs of Holding Investor Meetings (14 Dec 2009)
KenGen says it will turn to technology in its annual general meetings to cut costs on printing and postage.
• Kengen Mulls New Aggreko Contract (07 Dec 2009)
Kenya is planning to extend the services of UK's Aggreko, the emergency power producer, in a bid to ensure consumers have adequate albeit more expensive electricity, following failure of the short rains to lift hydro-generation.
• The Cutting Edge (03 Dec 2009)
Nairobi resident JCK's November electricity bill is within his average consumption save for the fuel cost adjustment which went up, says KPLC corporate communications officer Kevin Sang. Fuel cost adjustment, he says, is collected by KPLC for the...
• Total Wrestles Sh7.5 Billion Kengen Diesel Supply Deal From Nock (03 Dec 2009)
State-owned National Oil Corporation of Kenya has lost a Sh7.5 billion a year bulk diesel supply contract with power producer KenGen after the two firms failed to agree on the terms for renewal.
• Reopening of Masinga Promises Cheaper Power (01 Dec 2009)
KenGen has reopened a section of a 40-megawatt power generation unit at Masinga Dam, signalling the high power tariffs linked to the recent surge in thermal power on the national grid may soon begin to ease.
• Kengen Eyes Kipevu Power Output (01 Dec 2009)
Kenya Electricity Generating Company - KenGen on Tuesday signed the contract for the construction of the 120MW Kipevu III power plant.
• KenGen's U.S.$200 Million Bond to Power Extra 500mw (23 Nov 2009)
An ambitious investment programme by the Kenya Electricity Generating Company could, in less than five years, end the East African powerhouse's reliance on expensive fossil-fuel based power from independent power producers.
• Kengen in Plan to Pump Up Power Output (11 Nov 2009)
Kenya Electricity Generating Company (KenGen) plans to increase geothermal output by 280 megawatts (MW) subject to National Environment Management Authority (Nema) granting project approvals.
• NSE Automated System Holds Firm on Kengen Bond (10 Nov 2009)
Freshly listed KenGen infrastructure bond will trade alone on the new automated trading system until other government and corporate bonds are converted into electronic accounts, NSE chief executive Peter Mwangi said .
• Kengen Bond Begins Trading (09 Nov 2009)
The KenGen public infrastructure bond lived up to its promise to become the first offer to trade on an automated system.
• Contractor Now Rains On Kengen Bond Party (09 Nov 2009)
The Kenya Electricity Generating Company (KenGen) infrastructure bond set to be listed on Monday has been hit by bad headwinds after a Germany-based firm moved to stop the State power producer from kicking off a key project.
• How to Study the Kengen Bond Offer (24 Sep 2009)
Less than three years after its landmark initial public offer (IPO) that raised Sh26 billion, KenGen, Kenya's largest power producer, is back asking investors for Sh15 billion through a public infrastructure bond offer (Pibo) to fund its expansion.
• Under Corruption Probe? Not Me, Says KenGen Chief (11 Sep 2009)
KenGen managing director Eddy Njoroge on Thursday defended himself from accusations that he is among high profile individuals being investigated by Kenya Anti-Corruption Commission for fraudulent dealings.
• Aggreko Wins Power Contract in Kenya (11 Sep 2009)
AGGREKO, a power utility, has won a $30m contract to generate and supply electricity in Kenya. The Kenya Electricity Generation Company (KenGen) had invited tenders to install emergency thermal generators.
• Kengen Boss Says 'Clean' On Graft Probe (10 Sep 2009)
Kengen Managing Director Mr Eddy Njoroge has said he is ready to resign if anyone has information implicating him in corruption.
• Kengen Launches Power Bond (08 Sep 2009)
Power producer KenGen aims to add 500 megawatts of electricity to the national grid with proceeds from the Sh15 billion public infrastructure bond offer.
• Kengen Gets Approval to Issue Bond (28 Aug 2009)
The Capital Markets Authority (CMA) has approved KenGen's information memorandum, giving it a green light to raise Sh15 billion through the public infrastructure bond offer (PIBO).
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