Saudi Electricity Company

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Saudi Electricity Company
TypePublic
Tadawul: 5110
ISINSA0007879550
IndustryElectric utility
Founded3 May 2000; 21 years ago (2000-05-03)
Headquarters
Al Aridh, Riyadh
,
Saudi Arabia
Key people
  • Dr. Khaled bin Saleh Al Sultan (Chairman)
  • Khalid Bin Hamad Al-Ghonon (Acting CEO)
RevenueIncrease 018.3; billion (2020)[1]
Increase $2.93; Billion (2021)[1]
Increase $559.2 Million (2021)[1]
Total assetsIncrease $ 129.4 billion (2021)[1]
Total equityIncrease $15.45 billion  billion (2014)[2]
Subsidiaries
  • National Grid SA Company
Websitewww.se.com.sa

Saudi Electricity Company (Arabic: الشركة السعودية للكهرباء; SEC) is the Saudi electric energy 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] In 2019 SEC was ranked by Forbes as the 5th largest company in the Kingdom, and the 578 worldwide, with total annual sales of $17.1 billion .[4]

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.[5][6] 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.[7] A transmission company – National Grid SA – was established in 2012 to operate the national grid.[8][9]

In 2014, ECRA was said to have hired advisors on the break-up of the company.[10] ECRA also confirmed the new generation companies will be open to foreign investment.[8]

The company is 81.24 percent owned by the government, both directly (74.31 percent) and through Saudi Aramco (6.93 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.[11]

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.[12]

References[]

  1. ^ a b c d Annual Report 2014, Saudi Electricity Company, 2014-12-31, retrieved 2015-08-30
  2. ^ Cite error: The named reference 2014 usd was invoked but never defined (see the help page).
  3. ^ a b "Saudi Electricity to be divided into four separate companies". Solar GCC Alliance. 2014-03-25. Retrieved 2015-08-30.
  4. ^ "Saudi Electricity". Forbes. Retrieved 2020-01-28.
  5. ^ "Saudi Electricity Company Successfully Rolls out SAP Plant Maintenance Solution" (PDF). Tata Consultancy Services. 2013. Retrieved 2015-08-30.
  6. ^ Al-Jeshi, Salman (2012-08-01). "Merger of electric companies — is it time to evaluate?". Arab News. Retrieved 2015-08-30.
  7. ^ "Saudi plans to split up state electric company". Reuters. 2009-03-30. Retrieved 2015-08-30.
  8. ^ a b Hoey, Joshua (2014-11-25). "Electricity regulator chief calls for hike in power tariff". Saudi Gazette. Retrieved 2015-08-30.
  9. ^ "Saudi Electricity Company goes digital with its Engineering Drawings and establishes kingdom-wide EDMS". Bentley Systems. 2012-11-01. Retrieved 2017-09-17.
  10. ^ 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.
  11. ^ "ABB wins $150m orders to strengthen Saudi power grid". Arab News. 2015-08-13. Retrieved 2015-08-30.
  12. ^ "KACST gears up for KSA's first solar power station". Arab News. 2015-07-31. Retrieved 2015-08-30.

External links[]

  • Official website—(in English)
  • Official website—(in Arabic)
  • Paper that an employee at SEC authored in 2017 on the effects of jointly reforming industrial fuel and residential electricity prices in Saudi Arabia.[1]
  1. ^ Matar, Walid; Anwer, Murad (2017). "Jointly reforming the prices of industrial fuels and residential electricity in Saudi Arabia". Energy Policy. 109: 747–756. doi:10.1016/j.enpol.2017.07.060.
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