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Geothermal Development Company asset base grows by 12% in 2017/18 Results

In Summary

• GDC  recorded a net profit Sh1.4 billion up from Sh224 million following increased sale of steam.

• The company’s asset base grew by 12% from Sh69Billion in June 2017 to Sh77Billion in June 2018. 

One of the wells awaiting exploitation at the Olkaria Geothermal field in Naivasha. The Kenya’s Geothermal Development Company is drilling 10 new wells in the Olkaria area to generate steam that will add an extra 140MW (megawatts) into the national grid.
One of the wells awaiting exploitation at the Olkaria Geothermal field in Naivasha. The Kenya’s Geothermal Development Company is drilling 10 new wells in the Olkaria area to generate steam that will add an extra 140MW (megawatts) into the national grid.
Image: FILE

State owned Geothermal Development Company (GDC) realised a Sh1.4 billion net profit last year up from Sh224 million the previous year on account of increased sale of steam.

Chief executive Joseph Ole Nchoe said the firm's asset base also grew by 12 percent to Sh77 billion up from Sh69 billion over the same period.

He said development of phase II of the Menengai geothermal field and the Baringo-Silali projects are underway.

Briefing stakeholders in Nairobi on GDC's 2017/18 financial year performance, Nchoe said the Menengai project is on course and when complete will produce 105 megawatts.

He said six new wells are targeted at the Menengai geothermal field. The work at Menengai also involves completion of a steam gathering system.

"The Bogoria-Silali block has an estimated capacity of 3,000 megawatts and will be developed in phases," said Nchoe.

GDC is charged with accelerating the development of  geothermal resources in Kenya through surface exploration and drilling of steam.

Nchoe said the Bogoria-Silali water system that is required to be in place for drilling is nearing completion.

He said an additional 29 kilometers of access roads in the Lake Baringo-Silali geothermal project has been completed while the existing road network is under maintenance in readiness for the project.

Kenya enjoys a power generation mix of hydro, wind, geothermal and solar.