Overview:
During the meeting on Tuesday, the UEGCL Board Chairperson, Eng. Proscovia Njuki, has informed Energy Minister Ruth Nankabirwa and her Investment counterpart Evelyn Anite that UEGCL remained profitable during the financial year 2022/2023.
The Uganda Electricity Generation Company Limited (UEGCL) has announced a growth in revenue of 63% to UGX. 343.7 billion from UGX. 210.9 billion in Financial Year 21/22.
Consequently, the company’s profit after tax grew by 22%, reaching UGX. 34 billion, from UGX. 27.9 billion in 21/22 FY.
During the meeting on Tuesday, the UEGCL Board Chairperson, Eng. Proscovia Njuki, has informed Energy Minister Ruth Nankabirwa and her Investment counterpart Evelyn Anite that UEGCL remained profitable during the financial year 2022/2023.
This remarkable progress was attributed to the increased sales of electricity from the Nalubaale and Kiira Hydroelectric Power Plants.
Nankabirwa welcomed the development, saying with the Electricity Generation Company announcing profits after acquiring management of three previously privately managed power plants, their fourth plant under management in Karuma is expected to release 600 megawatts of power starting early next year.
“Despite the challenges we faced, we remain committed to completing the Karuma HPP, which will add an additional 400 MW to the grid,” she said.
She explained that this will boost plans to connect Uganda by up to 80% by 2030.
UEGCL is the implementing agency of the Government of Uganda for the 183 MW Isimba and 600 MW Karuma Hydro Power Projects and Associated transmission Lines and Sub stations with the mandate to deliver the projects within the cost, time and specified quality. UEGCL is also developing other small Hydro Power stations and renewable energy plants