Kengen’s net profit almost doubles

PHOTO | SULEIMAN MBATIAH | FILE A geo-thermal well at Menengai Crater operated by Kengen.  NATION MEDIA GROUP

In Summary
A statement from the company on Tuesday said profits went up by 86 per cent to Sh5.2 billion
The company had posted a net profit of Sh2.8 billion during a similar period last year
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 By Nation Reporter
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Kenya Electricity Generating Company net profits for the year through June almost doubled on the backdrop of increased sale of electricity units.

A statement from the company on Tuesday said profits went up by 86 per cent to Sh5.2 billion due to increased water levels at the hydro dams and completion of construction works at four generating plants that led to increased production capacity.

“We registered a growth in unit sales which increased by 11 per cent during the period ending June 30, 2013 driven by improved hydrology. This coupled with the additional capacity of 52.2 megawatts following completion of Sang’oro hydro plant, Kindaruma unit 3 hydro plant, Eburu geothermal plant and geothermnal pilot wellhead which were completed during the year,” read a statement from the company.

The company had posted a net profit of Sh2.8 billion during a similar period last year. KenGen is targeting to generate an additional 844 megawatts of electricity, mainly from geothermal resources in the next 40 months.

This is part of the company’s strategy to enable the Ministry of Energy and petroleum achieve it self-imposed target of adding 5,000 megawatts of electricity to the national grid by the lapse of the period.