Kenya’s Geothermal Utility to Sell Carbon Credits By Year-End
(Bloomberg) -- Kenya Electricity Generating Co., Africa’s biggest geothermal electricity producer, plans to auction an equivalent of 4.62 million tons of carbon emissions it earned over the past 18 months.
KenGen, as the company is known, received clearance to sell the carbon credits after the United Nations Framework Convention on Climate Change verified six of its projects made up chiefly of geothermal electricity production, but also hydropower and wind, the Nairobi-based company said in an emailed statement. It declined to give details on the auction.
KenGen, partly owned by the Kenyan government, generates 86% of its power from renewable sources. Kenya has potential to produce 10,000 megawatts of geothermal power in its Rift Valley and KenGen is harnessing 713 megawatts of it, making the East African nation among the world’s top-10 producers of electricity using underground steam.
“KenGen intends to incorporate additional geothermal, wind and solar projects, which will reduce between 100,000 to 600,000 tons of carbon dioxide emissions every year,” Chief Executive Officer Rebecca Miano said.
By August, KenGen’s 2.6 million tons of carbon dioxide-equivalent was valued at $3.89 million, according to the company.
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