Saudi Electricity Company (Arabic: الشركة السعودية للكهرباء; SEC) is the Saudi electric energy company. It enjoys a near monopoly on the generation, transmission and distribution of electric power in Saudi Arabia through 45 power generation plants in the country.[4] In 2019, SEC was ranked by Forbes as the 5th largest company in the Kingdom, and the 578th worldwide, with total annual sales of $17.1 billion .[5]
History
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.[6][7]
In 2009, the Electricity and Co-generation 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.[8] A transmission company – National Grid SA – was established in 2012 to operate the National Grid SA.[9][10]
In 2014, ECRA was said to have hired advisors on the break-up of the company.[11] ECRA also confirmed the new generation companies will be open to foreign investment.[9]
The company is 81.24 percent owned by the government, both directly (74.31%) and through Saudi Aramco (6.93%).[4]
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]
For the first six months of 2022, net profit fell 6.6% to SAR7 million, while total comprehensive income slipped 0.14% to SAR7.7 million.[13]
See also
References
- ^ "Saudi Electricity Company Unveils Two Executive Appointments". Market Screener. Paris: Superperformance SAS. January 24, 2024. Retrieved March 15, 2024.
- ^ "Saudi Electricity Company Reports 18% Revenue Growth, Reaching 88.7 Billion SAR in 2024, with Record-High Capital Investments of 60 Billion SAR". se.com.
- ^ a b c d Annual Report 2023, Saudi Electricity Company
- ^ a b "Saudi Electricity to be divided into four separate companies". Solar GCC Alliance. 2014-03-25. Retrieved 2015-08-30.
- ^ "Saudi Electricity". Forbes. Retrieved 2020-01-28.
- ^ "Saudi Electricity Company Successfully Rolls out SAP Plant Maintenance Solution" (PDF). Tata Consultancy Services. 2013. Retrieved 2015-08-30.
- ^ Al-Jeshi, Salman (2012-08-01). "Merger of electric companies — is it time to evaluate?". Arab News. Retrieved 2015-08-30.
- ^ "Saudi plans to split up state electric company". Reuters. 2009-03-30. Retrieved 2015-08-30.
- ^ a b Hoey, Joshua (2014-11-25). "Electricity regulator chief calls for hike in power tariff". Saudi Gazette. Retrieved 2015-08-30.
- ^ "Saudi Electricity Company goes digital with its Engineering Drawings and establishes kingdom-wide EDMS". Bentley Systems. 2012-11-01. Retrieved 2017-09-17.
- ^ 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.
- ^ "Saudi Electricity Company's net profit falls on higher costs". Zawya. 2022-09-15. Retrieved 2022-09-15.
- ^ Staff Writer; ZAWYA. "Saudi Electricity Company's net profit falls on higher costs". www.zawya.com. Retrieved 2022-09-15.
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]
- ^ 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.