KenGen taps Kenya Power boss Peter Njenga as its new boss

Kenya Power General Manager in charge of Infrastructure Development – Eng. Peter Njenga, has been appointed the new Managing Director and Chief Executive Officer of the Kenya Electricity Generating Company (KenGen).

Njenga takes over from Abraham Serem, who has been acting in an interim capacity following the exit of Rebecca Miano.

Miano exited the KenGen following her appointment to the executive where she is currently serving as the Cabinet Secretary of the East African Community, Arid and Semi-Arid Lands and Regional Development.

Under the reigns of Serem, KenGen paid Ksh.1.4 billion to the National Treasury as a dividend for the financial year ending June 2021.

This followed a recommendation by the KenGen Board to the shareholders during the AGM held in December 2021 for payment of a first and final dividend of Ksh.0.30 per ordinary share of Ksh.2.50 for the year ended June 2021.

“To keep creating shareholder value, we are keen on implementing our diversification strategy to attract new revenue streams working together with our stakeholders in generating clean, reliable, safe, quality, and competitively priced electricity for the nation in 2023,” said Serem.

The pay-out translated to a total of Ksh.1.98 billion, of which other shareholders already received their entitlement in 2022.

Of the total dividend paid out by KenGen, Ksh.1,384,627,226.40 was to the Kenyan government, which owns 70pc of the Company’s stock making it the sole majority shareholder.

In its half-year results ending December 2022, KenGen reported a drop in profit which it attributed to higher operating costs.

The power producer said its profit after tax dropped marginally to Ksh.3.26 billion in the six months from Ksh.3.37 billion over a similar half in 2021.

Performance was affected by an increase in depreciation expense following a revaluation of assets, the addition of Olkaria One Unit 6 and an increase in insurance costs.