Kenya Electricity Generating Company (KenGen) today held its 67th Annual General Meeting (AGM).
Over 23,000 shareholders signed up for the AGM which was held virtually.
Snippets
Big 4 Agenda
Rebecca Miano who has led the state energy producer since November 2017 set the agenda of the AGM by touching on various achievements of the firm and laying the string foundations for future growth.
KenGen’s stategy is anchored on President Uhuru Kenyatta’s Big 4 Agenda
On Agriculture, KenGen provides affordable and reliable power for irrigation, storage and cost inputs.
On Affordable Housing, the firm provides lower tariffs and reliable power to reduce cost of materials such as steel, plastics and cement. KenGen also avails reliable power for off-peak uptake by industries which supports manufacturing agenda in the Big 4 items.
There’s also the affordable, reliable, safe and clean energy for lower costs of healthcare centers.
“Our capacity addition programs remain aligned to the Government’s big 4 agenda. This is critical in ensuring that we support the Government’s plan to achieve universal access to electricity in the country,” Miano said
Geothermal Energy
For the period under review, KenGen broke ground for Olkaria I unit 6, which will bring on board an additional 83.3MW in 2021. Kengen also went overdrive in its diversification strategy offering Drilling services in Africa.
The CEO further added that the company continues to explore opportunities for partnerships, particularly in joint development of Geothermal Resources as well as the provision of geothermal scientific studies and drilling.
On the diversification front, KenGen has made progress in developing new business lines. Under consultancy services, we have progressed various bids contracts in Kenya & Ethiopia in respect of geoscientific studies & drilling of geothermal wells.
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For the full year ended 30 June 2019, 88% of KenGen’s electricity revenue was generated from renewable sources, predominantly geothermal.
“In 2019, the performance of our power generation plants, once again, remained stable. We were able to supply 72% of electricity consumed in Kenya, with 93% of this coming from renewable sources,”MD & CEO Rebecca Miano
KenGen is targeting Uganda, Tanzania, Djibouti, Rwanda, South Sudan, Sudan, Zambia and the Comoros for Geothermal exploration.
CSR
KenGen engaged in the following Corporate Social Responsibility in the year under review:
The energy produder has spent over Sh40 million on Covid-19 related donations.
In April, KenGen donated Sh20 million to the Covid-19 Emergency Response Fund. The firm also set aside Sh10 million in Covid-19 community support.
Board changes
Board Chairman Joshua Choge is retiring. The CEO Rebecca Miano thanked him for ‘steady & strong leadership’, through which ‘KenGen has grown tremendously with very good financial results & increased shareholder value since 2013’
Board Member Ziporah Ndegwa is also retiring, CEO Miani thanked her ‘for her dedication & passion for the last seven years’, stating that KenGen has ‘greatly benefitted from her legal prowess to navigate through the decisions sought from the Board by Management’.
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“Outgoing Director Ziporah Ndegwa’s dedication has ensured we remain focussed as we adhere to our statutory obligations.We have truly gained from her Chairmanship of the Board Governance Advisory Committee & membership in the Board Audit,Risk & Compliance Committee. She has diligently championed staff welfare matters and actively participated in our Pink Energy Forums. I wish her well and God’s blessings in future endeavours”, Miano said
The Board recommended the payment of a first and final dividend for the year of Kshs. 0.25 for every ordinary share of Kshs. 2.50. This compares to a total dividend of Kshs 0.40 per ordinary share paid in 2018.
to be updated
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