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The rise in demand came as Kenya continued to widen access to electricity while increasing investment in renewable power. According to the International Energy Agency, electricity access in Kenya grew from 37 per cent in 2013 to 79 per cent in 2023, with the country aiming to achieve universal access by 2030.
The power generator said revenue increased from Sh56.1 billion in the previous financial year, while operating profit rose to Sh14.2 billion from Sh13.6 billion.
The company said geothermal, hydro, power imports and thermal generation currently account for 80 per cent of Kenya’s energy mix, and recommended increasing baseload generation to strengthen grid stability.
Since 2022, generation from local sources including geothermal, hydro, thermal, wind, and solar plants had been declining, adding pressure on the utility as new connections and usage expanded.
The audit, covering the period up to June 30, 2024, also flagged other financial weaknesses that could affect taxpayers and delay critical projects.