# Understanding KenGen’s FY 2026 Results

An episode of [The Mwango Capital Podcast](https://invisiblenetwork.ai/podcast/1583367792), 25 Oct 2026, 54 min.

Audio: https://api.substack.com/feed/podcast/221955043/eb95adc8a547bfc9856651b96e60e3d0.mp3

In this episode, recorded on 11 September 2026, we sit down with Eng. Peter Njenga (CEO, KenGen) to dissect the utility's FY26 performance, marked by a 6.4% revenue increase and a Profit After Tax of KES 10.35 billion. We explore the board's decision to retain earnings for its aggressive capacity expansion, the shift toward public-private partnerships and wellhead leasing to fund a massive 10-year generation pipeline, exporting geothermal drilling expertise across the East African Power Pool, and KenGen's appointment as the owner-operator of Kenya’s inaugural 2,000 MW nuclear facility in Siaya. Show Notes 00:00:00 Introduction 00:05:23 KenGen’s Energy Generation Portfolio 00:06:54 Overview of the FY26 Results 00:08:57 Revenue Growth Drivers 00:12:09 Impact of Drought on Hydro Power Generation 00:12:59 Nuclear Power Plant 00:16:09 Profitability and Finance Income Decline 00:17:49 Balance Sheet Strength and Funding Strategy 00:19:26 Power Generation Pipeline and Capex Needs 00:24:14 Dividend Cut Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

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