KenGen boss blames crisis on poor past investment strategy

KenGen boss blames crisis on poor past investment strategy
News from Creamer Media’s Engineering News:

Failure to invest in new electricity generation facilities during the 1980s and 1990s is the main reason that Kenya continues to face recurring power scarcity.

Kenya Electricity Generating Company (KenGen) MD Eddy Njoroge told Engineering News in an interview that planning in the energy sector during this period was pegged to gross domestic product (GDP) growth, a flawed strategy because the installed capacity then could serve the economic demands.

“In the 1980s, planning was based on GDP growth and, because there was enough electricity, the planners did not see any reason to invest in new generation facilities,” he said.

He added that, over the past decade, Kenya’s economy has expanded drastically, in the process putting pressure on existing power generation facilities and stretching demand for electricity.

This has created an imbalance between the country’s installed capacity, demand and reserve margin, something that has come at a bigg…………… continues on Creamer Media’s Engineering News
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US Stock Futures Retreat Awaiting Bernanke
News from Bloomberg:

Pedestrians walk past the New York Stock Exchange in New York, U.S. Photographer: Jin Lee/Bloomberg

Aug. 26 (Bloomberg) — Pu Yonghao, chief investment strategist for Asia-Pacific at UBS Wealth Management, talks about the U.S. economy, Federal Reserve monetary policy and investment strategy. Pu speaks with Haslinda Amin on Bloomberg Television’s “First Up.” (Source: Bloomberg)

U.S. stocks declined as the economy grew less than previously estimated in the second quarter and investors awaited a speech from Federal Reserve Chairman Ben S. Bernanke for indication…………… continues on Bloomberg
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