01/07/2012
The Saudi Electricity Company (SEC) disclosed that it will establish many new projects at a total cost of SR425 billion during the next ten years through an integrated plan. These projects will be implemented in order to meet the growing demand for electricity as a result of significant economic development throughout the Kingdom. SEC also revealed that its current projects under construction are valued at SR100 billion.
The Chairman of the Saudi Electricity Company said that SEC has keen interest in the development of 3 key areas in the next stage. The private sector will be encouraged to invest in the electricity projects in order to work to make a reserve of power reaching 10 percent in the peak time and to improve the financial situation of the company.
The SEC distributed SR 547 million profits for the year 2011. According to the company's annual report issued last year that work was underway to complete the electricity connection with the various cities with the objective of achieving economic development of the country. SEC has increased its purchase of requirements from the national industries during the last year to SR6 billion or 90 percent of its total purchases.
The report also pointed to the capacity of electricity generation of 24,000 MW from its establishment in 2000 to reach more than 51,000 MW currently. The distribution networks rose to 49,000 km now compared to 30,000 kilometers at the beginning of the company. The report also noted the company's long-term loan worth $ 12 billion from a group of international banks, in order to finish the expansion of Shuaiba Phase 3.The company has also signed with the Government of a soft loan worth SR51 billion in order to cover the projected shortfall for the expansion of power generation projects.
