Saudi Electricity Company

Saudi Electricity Company
Public
Traded as Tadawul: 5110
Industry Electric utility
Founded 3 May 2000 (2000-05-03)
Headquarters Granada, Riyadh, Saudi Arabia
Key people
  • Saleh Hussein Al Awajji (Chairman)
  • Ziyad bin Mohammed Al-Shiha (President & CEO)
Revenue Increase SR038.5 billion (2014)[1]
Decrease SR001.1 billion (2014)[1]
Increase SR003.6 billion (2014)[1]
Total assets Increase SR307.9 billion (2014)[1]
Total equity Increase SR059.2 billion (2014)[1]
Parent
Subsidiaries
  • National Grid SA Company
Website www.se.com.sa

Saudi Electricity Company (Arabic: الشركة السعودية للكهرباء‎; SEC) is a Saudi electric utility company. It enjoys a monopoly on the generation, transmission and distribution of electric power in Saudi Arabia through 45 power generation plants in the country.[3]

The company was formed in 2000 by Order of the Council of Ministers through a merger of existing regional electricity companies in the Central, Eastern, Western and Southern regions into a single joint stock company.[4][5] In 2009, the Electricity and Cogeneration Regulatory Authority (ECRA) announced its intention to split the company into four generation companies and separate transmission and distribution companies to encourage competition in the domestic utilities sector.[6] A transmission company – National Grid SA – was established in 2012 to operate the national grid.[7]

In 2014, ECRA was said to have hired advisors on the break-up of the company.[8] ECRA also confirmed the new generation companies will be open to foreign investment.[7]

The company is 80 percent owned by the government, both directly (74 percent) and through Saudi Aramco (6 percent).[3]

SEC plans to expand its power generation capacity from 60 GW to 91 GW by 2020 and more than double the existing capacity over the long term to meet demand.[9]

In 2015, SEC, Taqnia Energy and King Abdulaziz City for Science and Technology (KACST) agreed to collaborate to build and operate the first standalone solar power station in the country.[10]

References

  1. 1 2 3 4 5 Annual Report 2014, Saudi Electricity Company, 2014-12-31, retrieved 2015-08-30
  2. 1 2 "Saudi Electricity Co. - SECO". GulfBase. Retrieved 2015-08-30.
  3. 1 2 "Saudi Electricity to be divided into four separate companies". Solar GCC Alliance. 2014-03-25. Retrieved 2015-08-30.
  4. ↑ "Saudi Electricity Company Successfully Rolls out SAP Plant Maintenance Solution" (PDF). Tata Consultancy Services. 2013. Retrieved 2015-08-30.
  5. ↑ Al-Jeshi, Salman (2012-08-01). "Merger of electric companies — is it time to evaluate?". Arab News. Retrieved 2015-08-30.
  6. ↑ "Saudi plans to split up state electric company". Reuters. 2009-03-30. Retrieved 2015-08-30.
  7. 1 2 Hoey, Joshua (2014-11-25). "Electricity regulator chief calls for hike in power tariff". Saudi Gazette. Retrieved 2015-08-30.
  8. ↑ Nair, Dinesh; Martin, Matthew (2014-05-07). "Saudi Arabia Said to Hire HSBC for Breakup of SEC Power Monopoly". Bloomberg Business. Retrieved 2015-08-30.
  9. ↑ "ABB wins $150m orders to strengthen Saudi power grid". Arab News. 2015-08-13. Retrieved 2015-08-30.
  10. ↑ "KACST gears up for KSA’s first solar power station". Arab News. 2015-07-31. Retrieved 2015-08-30.

External links

This article is issued from Wikipedia - version of the Sunday, August 30, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.