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KenGen Eyes Ksh.119 million From Carbon Credits

The Kenya Electricity Generating Company (KenGen) has reported a net profit of Sh5.12 billion for the six months ended December 2021.

Kengen CEO Rebecca Miano

Kenya Electricity Generating Company PLC (KenGen)  on Tuesday said it expects to receive an estimated Ksh.119 million from carbon credits under the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC).

The listed utility firm said its additional 309,495 certified emission reduction credits (CERs) are for sale. This brings the total amount of issued carbon credits to 550,981. 

KenGen has been focusing on the production of green energy and has an installed generation capacity of 1,818MW, of which over 86 per cent is drawn from green sources namely: Hydro (826MW), Geothermal (713MW), Thermal (253MW), and Wind (26MW). 

“So far, we have developed and registered six CDM projects comprising of Olkaria II Geothermal Expansion Project, Redevelopment of Tana Hydro Power Station Project, Optimisation of Kiambere Hydro Power Project, Olkaria IV Geothermal Project, Olkaria I Units 4&5 Geothermal Project and Ngong Wind,” KenGen Managing Director and CEO, Mrs Rebecca Miano said.

These projects, she added, contribute to off-setting on an annual basis 1.5 million tonnes of Carbon Dioxide (C02) equivalent annually. “Out of this, 550,981 Tonnes of CO2e has already been issued by the UNFCCC and are now available for sale. The sale process has been initiated as guided by the applicable disposal laws and regulations for the public sector organizations.”

The company plans to incorporate additional projects which will reduce between 100,000 to 600,000 carbon emissions every year.

Global Warming: KenGen Joins UN-Backed Campaign, ‘Business Ambition for 1.50C’ 

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