The strong performance was supported by rising energy demand, expanded clean-energy investments, and ongoing sector reforms, according to senior government and company officials who spoke during the firm’s Third Annual General Meeting (AGM) in Nairobi.

Principal Secretary for Energy Alex Wachira commended the utility’s performance, noting that improved sales and efficient management had strengthened shareholder value.

“I would like to congratulate the board of management for a very good performance; two years ago the share traded at about Ksh1.70. Today the price is around Ksh10.30 and it has touched Ksh10.50. This shows very good potential,” he said.

Additionally, Wachira announced that KenGen, Kenya Power and Kenya Electricity Transmission Company Limited (KETRACO) are fast-tracking investments to raise national electricity sales from 8.4gw to nearly 10gw in the medium term.

He pointed to an incoming 250-300mw battery energy storage system that will reduce power venting and stabilise evening peak supply, along with several priority transmission projects.

“We are fast-tracking the Bura-Nairobi line for completion by December 2026, the Lessos-Kabarnet line by December this year and the Mariakani substation in the first quarter of 2026,” the principal secretary reported.

Wachira added that the Suswa-Mariakani 400kV circuits will significantly reinforce supply to the Coast region, while new 400kv lines to Thika, Malaa and Konza will enhance reliability and distribution flexibility.

Further, the principal secretary observed, Kenya’s long-term energy expansion including Karura Dam Hydropower, Marsabit Wind Power, additional geothermal phases in Ol Karia and the first nuclear power plant would help the country align with the President’s target of 10,000mw of new capacity.

“As Kenya grows towards the 10,000 megawatts that the president has talked about, we see a very bright future for KenGen,” he asserted.

Speaking at the event, KenGen Board Chair Alfred Agoi explained that the company had reached a defining moment following the signing of an agreement with the Nuclear Power and Energy Agency (NuPEA) that gives KenGen the mandate to develop and operate Kenya’s first nuclear power plant.

“This week we made a giant step by signing an agreement to develop the country’s first-ever nuclear power plant. It will begin with 2 gigawatts and scale to 6 gigawatts in the years ahead, for us at KenGen, this is not just a project. It is a legacy for the nation,” Agoi said.

The chair emphasised that nuclear energy will open a new frontier for clean, reliable and transformative power, supporting Kenya’s ambition to become a modern low-carbon industrial economy.

Equally, he added that KenGen’s financial performance had strengthened shareholder confidence. “This is an expression of our commitment to each other. The benefits of KenGen’s success are shared with our shareholders,” he affirmed.

Notably, the board chair said KenGen’s commitment to its G2G 2034 strategy, targeting 1,500mw of new renewable capacity and 500mw of energy storage.

He also mentioned that progress at the KenGen Green Energy Park is now a Special Economic Zone and is attracting major private investments including a planned green hydrogen and ammonia plant valued at about Ksh600 billion and expected to begin production within two years.

In Africa, Agoi noted, KenGen continues to grow its geothermal footprint, offering drilling services and technical expertise to partner countries, positioning Kenya as a continental leader in geothermal innovation.

“Together, we are building a stronger, cleaner and more prosperous energy future,” he reiterated.

In his remarks, KenGen Managing Director Peter Njenga disclosed that the company posted a 54 per cent profit after tax increase to Ksh10.48 billion, driven by cost reductions, diversification revenues and improved foreign exchange positioning.

He confirmed that this year’s AGM approved one of the highest dividend pay-outs in almost 10 years.

“Our shareholders’ endorsement is grounded on strong results, Kenya’s electricity consumption reached a record peak of 2,418.77 megawatts in November, signalling accelerated industrialisation and rising economic momentum,” Njenga disclosed.

Meanwhile, the CEO pointed out that KenGen is going ahead with a 252mw clean-energy pipeline construction, including the 63mw Gitaru modernisation, the 42.5mw Seven Forks solar project and major hydropower upgrades to support western Kenya’s industrial growth.

In addition, Njenga claimed that the utility’s geothermal leadership continues to expand across Ethiopia, Djibouti, Eswatini, Tanzania and Bhutan, supported by a strengthened partnership with Toshiba ESS.

“KenGen is not just generating power, we are powering Kenya’s next economic leap and reinforcing the country’s transition to a competitive low-carbon industrial economy,” he maintained.

• A Tell Media / KNA report / By Naif Rashid