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Saudi Electricity Company

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Saudi Electricity Company
Company typePublic
Tadawul: 5110
ISINSA0007879550 Edit this on Wikidata
IndustryElectric utility
Founded3 May 2000; 24 years ago (2000-05-03)
Headquarters
Al Aridh, Riyadh
,
Saudi Arabia
Key people
  • Najem Abduallah Alzaid (Chairman)[1]
  • Khalid Bin Hamad Al-Ghonon (CEO)
RevenueIncrease $SAR 72.1 billion (2022)[2]
Increase $SAR 18 billion (2022)[2]
Increase $SAR 15.1 billion (2022)[2]
Total assetsIncrease $SAR 479.5 billion (2022)[2]
Total equityIncrease $SAR 257.1 billion (2012)[2]
Subsidiaries
  • National Grid SA Company
Websitewww.se.com.sa/en

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.[3] 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 .[4]

History

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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 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.[7] A transmission company – National Grid SA – was established in 2012 to operate the National Grid SA.[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%) and through Saudi Aramco (6.93%).[3]

A Saudi Electricity Company building in Al-Khobar

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.[11]

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.[12]

See also

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References

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  1. ^ "Saudi Electricity Company Unveils Two Executive Appointments". Market Screener. January 24, 2024. Retrieved March 15, 2024.
  2. ^ a b c d e Annual Report 2022, Saudi Electricity Company
  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. ^ "Saudi Electricity Company's net profit falls on higher costs". Zawya. 2022-09-15. Retrieved 2022-09-15.
  12. ^ Staff Writer; ZAWYA. "Saudi Electricity Company's net profit falls on higher costs". www.zawya.com. Retrieved 2022-09-15.
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Wikimedia Commons has media related to Saudi Electricity Company.
  • 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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