Finance Monthly CFO Awards Winners Edition

Finance Monthly CFO Awards 2020 www.finance-monthly.com 78 KENYA Finance Monthly CFO Awards 2020 Finance Director of KenGen JOHN MUDANY ABOUT KENGEN Kenya Electricity Generating Company PLC (KenGen) is the leading electric power generating company in East Africa. KenGen was incorporated in 1954 under the Kenyan Companies Act as Kenya Power Company (KPC) with the mandate to generate electricity through the development, management and operation of power plants. The shareholders of the Company later contracted East Africa Power & Lighting Company (EAP&L) to manage KPC. In 1983, EAP&L changed to Kenya Power & Lighting Company. In 1996 Government of Kenya started restructuring the energy sector with the goal of achieving efficient usage of resources earmarked for generation, transmission and distribution of electricity. Two years later, in January 1998, the management of KPC was separated from KPLC and renamed KenGen. In 2006 the Government sold 30% of its stake in the company following a successful Initial Public Offer. Subsequently, KenGen was listed on the Nairobi Securities Exchange (NSE). Over the years, the company has continued to increase shareholder value through profitability and maintaining a sustainable growth path. In line with the organization’s strategic objectives, shareholders were given opportunity to exercise their rights in a successful rights issue in 2016. Since inception in 1954, the company has made considerable inroads in Kenya’s energy sector. With a market share of about 75% of the electricity consumed by kenyans, KenGen is today the largest energy producer in East Africa. The company’s strategy is to deliver affordable clean energy by creating value for shareholders and while expanding energy sources and revenue streams. The company’s generation capacity mix includes Hydro (818MW), Geothermal (534 MW), Thermal (254MW), Wind (26MW). KenGen has its tentacles spread across six operation areas - Olkaria & Eburru, Western Region, Kipevu, Seven Forks (Eastern Region), Upper Tana and Ngong. At the Geothermal area along the Rift Valley, the company has power plants and Wellheads running as baseload energy sources in Olkaria and Eburru. The area has installed capacity of 534MW. The Western region which has installed capacity of 249MW encompasses four hydro stations and a thermal power plant as follows; Turkwel, Sondu Miriu, Sangoro, Gogo and Muhoroni. In Mombasa County kenGen’s Kipevu thermal plant has an installed capacity of about 194MW. The Eastern Region popularly known as the Seven Forks consists of five power plants situated along the Tana River. The plants include Masinga, Gitaru, Kindaruma, Kiambere and Kamburu power stations. The upper Tana comprises four power plants namely Tana, Wanji, Sagana and Mesco. Hydro, which is KenGen’s leading source of energy has installed capacity of 818MW. Geothermal comes second with 534MW of which about 84MW is drawn from the innovative Wellheads Technology. KenGen also runs several wind turbines inNgong hills with an installed capacity of about 26MW. Vision To be the market leader in the provision of reliable, safe, quality and competitively priced electric energy in the East Africa region. www.kengen.co.ke ABOUT JOHN MUDANY FCPA(K) Mr. John Mudany is a zealous financial management expert with extensive experience. He holds a Bachelor of Commerce degree in Accounting, Master of Business Administration in Marketing and Master of International Business Administration (MIBA). He is a member of the Kenya Institute of Management (KIM) and the Institute of Certified Public Accountants of Kenya (ICPAK). Prior experience includes: Coca Cola (Finance and Performance Manager), Orbit Distributors (MD & CEO), Kenya Airways, World Vision International and PriceWaterhouseCoopers. Mr Mudany joined KenGen in November 2008 as the Finance and ICT Director. His key responsibilities include: capital raising, management of finances and banking relations, financial reporting, budgets process management and control, balance sheet restructuring and cost saving mechanisms. He is also responsible for the development of cutting edge information technology infrastructure.