Uganda Electricity Generation Company Limited (UEGCL) registered a strong financial and operational performance for the Financial Year ended June 2025, buoyed by a full year of commercial operations at the 600 MW Karuma Hydropower Plant and improved dispatch across its generation assets.
These positive highlights were shared at the Company’s 15th Annual General Meeting (AGM) on December 4, 2025, at the Ministry of Finance, Planning and Economic Development (MoFPED) Headquarters in Kampala.
The AGM brought together shareholders, including Hon. Dr. Ruth Nankabirwa, Minister of Energy and Mineral Development, and Hon. Matia Kasaijja, Minister of Finance, Planning and Economic Development. The meeting, chaired by Eng. Proscovia Margaret Njuki, Chairperson of the UEGCL Board of Directors, provided a comprehensive review of the Company’s financial performance, operational achievements, and strategic progress for Financial Year 2024/25.
During the meeting, UEGCL reported revenue of UGX 492.3 billion, reflecting strong growth over the previous fiscal year. This performance was largely driven by increased dispatch across the Company’s hydropower plants and the successful first year of commercial operations at Karuma HPP.
While revenue improved, Profit After Tax was UGX 25.02 billion, a slight decline from the previous financial year, reflecting higher operating costs, increased depreciation, and interest obligations on the Karuma on-lent loan. Notably, the Company’s balance sheet strengthened considerably following the Government of Uganda’s conversion of UGX 566 billion in accrued interest into equity, raising UEGCL’s equity to UGX 1.54 trillion and enhancing its long-term financial sustainability.
Operationally, UEGCL generated 3.63 Terawatt-hours (TWh) of electricity during the year, a 6.7% increase from the previous year. The Company also maintained high performance standards across all its plants, with an average plant availability of 97.7% and reliability of 99.6%, underscoring its commitment to delivering reliable electricity to the national grid.
The meeting also highlighted major strategic milestones achieved during the year under review, including the commissioning of the 6.6 MW Nyagak III Small Hydropower Plant in Zombo’s West Nile District, the completion of the feasibility study for Uganda’s first 10 MW floating solar project on the Isimba reservoir, and continued progress on the Nalubaale-Kiira Rehabilitation Programme, which is expected to extend the life of the historic complex by more than 30 years.
Looking ahead, UEGCL reaffirmed its commitment to sustaining operational excellence, strengthening financial sustainability, accelerating digital transformation, and expanding Uganda’s renewable energy portfolio in line with national development priorities.
UEGCL concluded its 15th AGM by expressing appreciation to the Shareholders (GoU), Development partners, and various stakeholders for their continued support in executing its mandate, and reaffirmed its pledge to reliably power Uganda’s socio-economic transformation.
