Page 17 - AfrElec Week 44 2021
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AfrElec RESULTS AfrElec
South Africa will need money to meet KenGen posts $132.7mn
its climate targets and go green profit before tax
KENYA KENYA Electricity Generating Co. (KenGen) 8,237 GWh in 2020 to 8,443 GWh in 2021. The
posted $132.7mn profit before tax for the year firm benefited from the full year operation of the
ended June 30, 2021, driven by the firm’s diver- 172-MW Olkaria V geothermal power plant,
sification strategy. whose construction was completed in October
Profit before tax rose to $132.7mn, an 2019, resulting in 12% displacement of thermal
increase of 7% from $124mn reported for the generation.
year to June 2020, and the Nairobi Securities “In year 2021, we were blessed with favoura-
Exchange listed firm has recommended a divi- ble hydrology. In line with KenGen’s affordabil-
dend pay-out amounting to $17.8mn to be dis- ity agenda to lower the cost of electricity to the
tributed to all shareholders. consumers, we prudently prioritised dispatch
KenGen managing director Rebecca Miano of competitively priced hydro generation,” said
said the profit growth was achieved on the back Miano.
of continued revenue growth underpinned by In the year ahead, KenGen aims to deliver the
the company’s diversification strategy. Olkaria I Unit 6 geothermal power plant, which
“In spite of the challenging times, KenGen will add 83 MW to the national grid by end of
remained strong, recording a steady perfor- December 2021.
mance and demonstrating sound financial posi- At the same time, the company aims to pro-
tion which reaffirms the company’s promise and gress the milestones towards the commencement
commitment to continual business growth and of the 140-MW Olkaria VI geothermal power
maximisation of shareholder value,” she said in plant through a public private partnership.
press release. KenGen is the leading electricity genera-
Revenue increased by 4.06% from $396.9mn tion company in Eastern Africa region with an
in 2020 to $412.9mn. This was mainly attributed installed generation capacity market share of
to revenues from geothermal and hydro genera- more than 60%.
tion and the diversification venture at Tulu Moye KenGen Plc today has an installed genera-
in Ethiopia. tion capacity of 1,818 MW, of which over 86%
“The ongoing geothermal drilling services is drawn from green sources, namely hydro (826
in Tulu Moye contributed $16mn compared to MW), geothermal (713 MW), solar (253 MW)
$3.9mn in the previous year,” said Miano. and wind (26 MW).
There was a growth of 3% in unit sales from
Power theft, inefficiencies hinder
Ghana’s energy debt recovery
GHANA ATTEMPTS to reduce Ghana’s energy sector must be stopped to reduce debt in the sector,”
legacy debt have been hindered by inefficiencies Darku-Asante added.
and electricity power theft, independent energy In May 2019, the government of Ghana, in
consultant Dr. Nii Darku-Asante said at the end collaboration with the World Bank, introduced
of October, as reported by GhanaWeb. the five year Energy Sector Recovery Programme
Darku-Asante said that stakeholders, includ- (ESRP), which sought to facilitate repayment
ing the government, have reduced the debt by of the country’s energy sector debts and the
$5bn from the initial $12.5bn. However, theft achievement of financial sustainability by indus-
and inefficiencies have kept the cost of electric- try and state-owned energy utilities, ensuring an
ity high. efficient and reliable energy sector.
“[T]o improve [the situation], a significant
portion of the inefficiencies and electricity-theft
Week 44 04•November•2021 www. NEWSBASE .com P17
