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Kenya Electricity Extends Gains on Better Generation Outlook

Jan. 3 (Bloomberg) -- Kenya Electricity Generating Co., the country’s biggest power producer, rose for a second day on speculation heavy rains last month will help the company increase electricity output.

The shares jumped 4.1 percent to 8.80 shillings as of the 3:00 p.m. close in the capital, Nairobi, their highest in almost a month.

“There is improved stability in the generation sector because there has been enough rain that the dams are full,” Caleb Mutai, an analyst at Nairobi-based Tsavo Securities Ltd., said in a phone interview today.

Heavy rains in December fell in most parts of Kenya, including areas in which the main hydro-power generation dams are located, according to the east African nation’s meteorological department. Hydroelectric plants provide about 65 percent of Kenya’s power generation, according to the company’s website.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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