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FINANCIAL NEWS
Saudi Arabia to raise electricity tariffs
06 Jun 2010
(MENAFN) Saudi Minister for Electricity and Water Abdullah Bin Abdul-Rahman Al-Husayen said that the Kingdom is planning to implement new power tariffs starting from July 1, Gulf News reported.
Saudi Electricity said it expects around a $853.3 million rise in the power sector?s annual revenues, due to the planned change in power tariffs. The change in power tariffs will be for government, commercial and industrial sector, the company said in a statement.
Saudi Electricity will raise tariffs for government, commercial and industrial users as of July 1, which would add $853.3 million to its annual revenues and boost its profitability.
The move is aimed at coping with power demand growing at an annual 8 percent and requiring investments close to $80 billion in the 10 years to 2018.
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