Kenya's power and fuel chain is listed almost end to end: KenGen generates electricity, Kenya Power distributes it (its 4 % and 7 % preference shares are listed too and rarely trade), Kenya Pipeline moves refined fuel from Mombasa inland after its March 2026 IPO at KES 9, TotalEnergies Marketing Kenya sells it at the pump, and Uganda's Umeme is cross-listed here. Tariffs and pump prices are set by the regulator, so policy decisions, the shilling and the cost of fuel imports move the group more than consumer demand does. Government holds large stakes in KenGen, Kenya Power and Kenya Pipeline.