New Risk • Jun 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Dec 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Kenyan stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to KSh8.26, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 17x in the Renewable Energy industry globally. Total returns to shareholders of 315% over the past three years. Upcoming Dividend • Nov 28
Upcoming dividend of KSh0.90 per share Eligible shareholders must have bought the stock before 05 December 2025. Payment date: 12 February 2026. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 9.0%. Within top quartile of Kenyan dividend payers (7.3%). Higher than average of industry peers (2.8%). New Risk • Nov 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 85% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Duyuru • Nov 05
Kenya Electricity Generating Company PLC, Annual General Meeting, Nov 27, 2025 Kenya Electricity Generating Company PLC, Annual General Meeting, Nov 27, 2025, at 11:00 E. Africa Standard Time. Declared Dividend • Nov 03
Dividend increased to KSh0.90 Dividend of KSh0.90 is 38% higher than last year. Ex-date: 28th November 2025 Payment date: 12th February 2026 Dividend yield will be 8.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 30% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Reported Earnings • Nov 02
Full year 2025 earnings released: EPS: KSh1.59 (vs KSh1.03 in FY 2024) Full year 2025 results: EPS: KSh1.59 (up from KSh1.03 in FY 2024). Revenue: KSh56.9b (up 1.2% from FY 2024). Net income: KSh10.5b (up 54% from FY 2024). Profit margin: 18% (up from 12% in FY 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 44% per year whereas the company’s share price has increased by 46% per year. Duyuru • Nov 01
Kenya Electricity Generating Company PLC announces Annual dividend, payable on February 12, 2026 Kenya Electricity Generating Company PLC announced Annual dividend of KES 0.9000 per share payable on February 12, 2026, ex-date on November 28, 2025 and record date on November 27, 2025. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to KSh8.76, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 16x in the Renewable Energy industry globally. Total returns to shareholders of 247% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to KSh6.36, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 16x in the Renewable Energy industry globally. Total returns to shareholders of 177% over the past three years. New Risk • May 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to KSh4.73, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 15x in the Renewable Energy industry globally. Total returns to shareholders of 74% over the past three years. New Risk • Jan 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Kenyan stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 28% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to KSh4.24, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 16x in the Renewable Energy industry globally. Total returns to shareholders of 51% over the past three years. New Risk • Dec 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Kenyan stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 28% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to KSh3.37, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 15x in the Renewable Energy industry globally. Total returns to shareholders of 26% over the past three years. Upcoming Dividend • Nov 25
Upcoming dividend of KSh0.65 per share Eligible shareholders must have bought the stock before 02 December 2024. Payment date: 13 February 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 16%. Within top quartile of Kenyan dividend payers (12%). Higher than average of industry peers (2.7%). New Risk • Nov 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 60% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Declared Dividend • Nov 09
Dividend of KSh0.65 announced Shareholders will receive a dividend of KSh0.65. Ex-date: 29th November 2024 Payment date: 13th February 2025 Dividend yield will be 16%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 30% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.9% EPS decline seen over the last 5 years. Duyuru • Nov 01
Kenya Electricity Generating Company PLC, Annual General Meeting, Nov 28, 2024 Kenya Electricity Generating Company PLC, Annual General Meeting, Nov 28, 2024, at 11:00 E. Africa Standard Time. Reported Earnings • Oct 30
Full year 2024 earnings released: EPS: KSh1.03 (vs KSh0.76 in FY 2023) Full year 2024 results: EPS: KSh1.03 (up from KSh0.76 in FY 2023). Revenue: KSh57.6b (up 6.7% from FY 2023). Net income: KSh6.80b (up 36% from FY 2023). Profit margin: 12% (up from 9.3% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to KSh4.13, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 15x in the Renewable Energy industry globally. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to KSh2.94, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 14x in the Renewable Energy industry globally. Total loss to shareholders of 19% over the past three years. New Risk • Sep 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 27% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to KSh2.42, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 16x in the Renewable Energy industry globally. Total loss to shareholders of 25% over the past three years. Upcoming Dividend • Nov 24
Upcoming dividend of KSh0.30 per share at 13% yield Eligible shareholders must have bought the stock before 01 December 2023. Payment date: 15 February 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 13%. Within top quartile of Kenyan dividend payers (12%). Higher than average of industry peers (3.3%). New Risk • Nov 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings have declined by 21% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (KSh15.2b market cap, or US$99.5m). New Risk • Oct 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: KSh14.8b (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (KSh14.8b market cap, or US$99.5m). New Risk • Sep 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Sep 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Board Change • May 02
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 4 experienced directors. No highly experienced directors. Alternate Non-Executive Director Bernard Ndungu is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 04
First half 2023 earnings released: EPS: KSh0.49 (vs KSh0.78 in 1H 2022) First half 2023 results: EPS: KSh0.49 (down from KSh0.78 in 1H 2022). Revenue: KSh27.5b (up 11% from 1H 2022). Net income: KSh3.26b (down 36% from 1H 2022). Profit margin: 12% (down from 21% in 1H 2022). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Board Change • Feb 17
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent & Non-Executive Director Rosemarie Wanyoike was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jan 20
Upcoming dividend of KSh0.20 per share Eligible shareholders must have bought the stock before 27 January 2023. Payment date: 30 March 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of Kenyan dividend payers (10%). Higher than average of industry peers (3.4%). Reported Earnings • Jan 06
Full year 2022 earnings released: EPS: KSh0.72 (vs KSh0.28 in FY 2021) Full year 2022 results: EPS: KSh0.72 (up from KSh0.28 in FY 2021). Revenue: KSh49.2b (up 7.5% from FY 2021). Net income: KSh4.72b (up 158% from FY 2021). Profit margin: 9.6% (up from 4.0% in FY 2021). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 01
Full year 2022 earnings released: EPS: KSh0.72 (vs KSh0.18 in FY 2021) Full year 2022 results: EPS: KSh0.72 (up from KSh0.18 in FY 2021). Revenue: KSh46.2b (flat on FY 2021). Net income: KSh4.72b (up 297% from FY 2021). Profit margin: 10% (up from 2.6% in FY 2021). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Executive Director Gordon Kihalangwa was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.4%. The fair value is estimated to be KSh4.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 22%. Price Target Changed • Jun 01
Price target decreased to KSh4.65 Down from KSh5.20, the current price target is an average from 2 analysts. New target price is 33% above last closing price of KSh3.49. Stock is down 13% over the past year. The company is forecast to post earnings per share of KSh1.73 for next year compared to KSh0.18 last year. Board Change • Apr 27
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Executive Director Gordon Kihalangwa was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 05
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: KSh0.78 (up from KSh0.77 in 1H 2021). Revenue: KSh24.8b (up 14% from 1H 2021). Net income: KSh5.12b (up 1.3% from 1H 2021). Profit margin: 21% (down from 23% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 11% compared to a 392% growth forecast for the industry in Kenya. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 05
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: KSh0.78 (up from KSh0.77 in 1H 2021). Revenue: KSh24.8b (up 14% from 1H 2021). Net income: KSh5.12b (up 1.3% from 1H 2021). Profit margin: 21% (down from 23% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 11% compared to a 392% growth forecast for the industry in Kenya. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 18
Price target decreased to KSh5.16 Down from KSh6.61, the current price target is an average from 3 analysts. New target price is 30% above last closing price of KSh3.98. Stock is down 15% over the past year. The company is forecast to post earnings per share of KSh1.73 for next year compared to KSh0.18 last year. Upcoming Dividend • Dec 10
Upcoming dividend of KSh0.30 per share Eligible shareholders must have bought the stock before 17 December 2021. Payment date: 10 February 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.7%. Lower than top quartile of Kenyan dividend payers (8.1%). Higher than average of industry peers (3.2%). Reported Earnings • Nov 03
Full year 2021 earnings released: EPS KSh0.18 (vs KSh2.79 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: KSh47.5b (up 7.7% from FY 2020). Net income: KSh1.19b (down 94% from FY 2020). Profit margin: 2.5% (down from 42% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 14
Price target decreased to KSh6.52 Down from KSh7.06, the current price target is an average from 2 analysts. New target price is 44% above last closing price of KSh4.53. Stock is down 9.4% over the past year. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 18% share price gain to KSh4.89, the stock trades at a trailing P/E ratio of 2.1x. Average forward P/E is 16x in the Renewable Energy industry globally. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • Apr 16
Upcoming dividend of KSh0.30 per share Eligible shareholders must have bought the stock before 23 April 2021. Payment date: 22 July 2021. Trailing yield: 6.7%. Lower than top quartile of Kenyan dividend payers (7.7%). Higher than average of industry peers (3.3%). Is New 90 Day High Low • Jan 29
New 90-day high: KSh5.18 The company is up 2.0% from its price of KSh5.06 on 30 October 2020. The Kenyan market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 29
New 90-day low: KSh4.50 The company is down 12% from its price of KSh5.10 on 30 September 2020. The Kenyan market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 21% over the same period. Is New 90 Day High Low • Nov 19
New 90-day low: KSh4.59 The company is down 17% from its price of KSh5.52 on 21 August 2020. The Kenyan market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 17% over the same period. Is New 90 Day High Low • Nov 04
New 90-day low: KSh4.95 The company is down 16% from its price of KSh5.88 on 06 August 2020. The Kenyan market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 15% over the same period. Upcoming Dividend • Oct 28
Upcoming Dividend of KSh0.25 Per Share Will be paid on the 17th of December to those who are registered shareholders by the 4th of November. The trailing yield of 4.9% is below the top quartile of Kenyan dividend payers (9.5%), but it is higher than industry peers (3.6%). Price Target Changed • Oct 21
Price target lowered to KSh7.06 Down from KSh7.85, the current price target is provided by 1 analyst. The new target price is 35% above the current share price of KSh5.24. As of last close, the stock is down 9.0% over the past year. Is New 90 Day High Low • Sep 23
New 90-day low: KSh5.02 The company is down 7.0% from its price of KSh5.38 on 25 June 2020. The Kenyan market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 2.0% over the same period. 
