Updated 2 November 2026
KenGen vs Kenya Power shares: both are government-controlled power stocks paying dividends again, and both look cheap on earnings. At the 30 October 2026 close, KenGen (KSh 9.90) yields about 7.6% on its FY2026 dividend of KSh 0.75, and Kenya Power (KSh 21.60) yields about 6.9% on its FY2026 dividends of KSh 1.50. Kenya Power trades at under 2 times earnings against about 6 for KenGen, but carries different risks: it is the national distributor that buys most of KenGen’s power. The next Kenya Power payout (KSh 1.20) is due on 31 December 2026; KenGen’s KSh 0.75 lands on 21 January 2027.
Updated 2 November 2026. KenGen’s dividend and results are from its FY2026 announcement and AGM (29 October 2026); Kenya Power dividend dates, prices, market value and trailing figures are S&P Global Market Intelligence data via StockAnalysis, read 2 November 2026. Not investment advice.
KenGen vs Kenya Power shares: comparison table
| Measure | KenGen (KEGN) | Kenya Power (KPLC) |
|---|---|---|
| What it does | Generates electricity (mostly geothermal and hydro) | Buys, transmits and distributes power to customers |
| Share price, close 30 Oct 2026 | KSh 9.90 | KSh 21.60 |
| 52-week range | KSh 7.92 – 13.10 | KSh 11.20 – 25.00 |
| Market value | About KSh 65.3 billion | About KSh 42.2 billion |
| Financial year ends | 30 June | 30 June |
| Revenue (latest year) | KSh 59.7bn (+6.4%) | KSh 238.2bn (+8.6%) |
| Profit after tax | KSh 10.35bn (-1.2%) | KSh 24.99bn (+2.1%) |
| Earnings per share | KSh 1.57 | KSh 12.81 |
| Price-to-earnings ratio | About 6.3 | About 1.7 |
| FY2026 dividend per share | KSh 0.75 (first and final) | KSh 1.50 (KSh 0.30 interim + KSh 1.20 final) |
| Dividend yield at 30 Oct price | About 7.6% | About 6.9% |
| Next payment | KSh 0.75 on 21 Jan 2027 (register closed 29 Oct 2026) | KSh 1.20 on 31 Dec 2026 (register 27 Nov 2026) |
| Payments a year | One | Two (interim and final) |
Yield = FY2026 dividend Ă· 30 October closing price (our calculation).
Dividend record compared
KenGen has a long but uneven record: 20 dividends since 2006, none for the 2016 and 2017 financial years, and a climb from KSh 0.20 (2022) to KSh 0.90 (2025) before this year’s cut to KSh 0.75. Kenya Power resumed dividends after years without a payout: KSh 0.70 final for FY2024, KSh 0.20 interim and KSh 0.80 final for FY2025, and KSh 0.30 interim plus KSh 1.20 final for FY2026. Dates and amounts for every payment are in our KenGen dividend history and Kenya Power dividend history.
What 10,000 shares pay
| 10,000 shares of | Cost at 30 Oct price | FY2026 dividend (gross) | After 5% withholding tax |
|---|---|---|---|
| KenGen | About KSh 99,000 | KSh 7,500 | KSh 7,125 |
| Kenya Power | About KSh 216,000 | KSh 15,000 | KSh 14,250 |
Per KSh 100,000 invested, KenGen’s FY2026 dividend works out to about KSh 7,580 gross and Kenya Power’s to about KSh 6,940. Prices and yields move daily; check with our withholding tax calculator.
Why the two shares behave differently
KenGen
KenGen’s FY2026 profit dipped 1.2% to KSh 10.35 billion while capital spending rose 14.3% to KSh 15.5 billion and borrowings fell by KSh 12.2 billion to KSh 97.1 billion, according to its results (see our KenGen results 2026 report). Heavy investment in new geothermal capacity competes with dividends for cash.
Kenya Power
Kenya Power earns from selling power under tariffs set by the Energy and Petroleum Regulatory Authority, so its profit depends on tariff decisions, system losses and the cost of the power it buys, much of it from KenGen. A P/E below 2 means the market doubts current earnings will last, or discounts the company’s debts and obligations. A low ratio is a question to investigate, not proof the share is a bargain.
Who might prefer which?
- Sooner cash: Kenya Power’s next dividend is due on 31 December 2026, if you are on the register by 27 November.
- Slightly higher yield today: KenGen, at about 7.6% on 30 October prices.
- Two payments a year: Kenya Power now pays an interim and a final.
- Exposure to generation versus distribution: KenGen depends on plant availability and project spending; Kenya Power on tariffs and losses.
The data is close on yield, so there is no clear winner; the choice is about which risks you understand. See the wider list of highest dividend paying stocks in Kenya and how to place an order in how to buy shares on the NSE.
Frequently asked questions
Which pays more, KenGen or Kenya Power shares?
Per share, Kenya Power: KSh 1.50 for FY2026 against KSh 0.75 for KenGen. Per shilling invested at 30 October 2026 prices, KenGen yields slightly more (about 7.6% against 6.9%).
When is the next Kenya Power dividend?
KSh 1.20 per share due on 31 December 2026, for shareholders on the register on 27 November 2026, according to S&P Global data. Confirm the last qualifying trading day with your broker.
When will KenGen pay its 2026 dividend?
On 21 January 2027, to shareholders on the register on 29 October 2026.
Why is Kenya Power’s P/E so low?
At KSh 21.60 and earnings of KSh 12.81 a share, the P/E is about 1.7. The market is pricing in risks such as tariff decisions and the company’s obligations; a low P/E is not on its own a buy signal.
Sources: KenGen FY2026 dividend notice and results (AGM 29 October 2026); S&P Global Market Intelligence via StockAnalysis (KEGN) and (KPLC), read 2 November 2026; EPRA. Not investment advice.
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