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Kenya: Geothermal lifts KenGen profits


Issue 432 - 11 Feb 2021

Kenya Electricity Generating Company (KenGen) on 27 January announced a Ksh 13.9bn ($126.8m) profit before tax for the year to June 2020, thanks to revenues from Olkaria V and proceeds from geothermal drilling in Ethiopia. Profit for 2018/19 was Ksh 11.6bn. In October 2019 KenGen clinched a $43.8m contract to drill 12 geothermal wells for Tulu Moye Geothermal Operations, following an earlier $69.3m agreement with Ethiopian Electric Power for drilling at Aluto-Langano.

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Kenya power report