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FINANCIAL NEWS
Saudi Electricity inks USD316.53m in power contracts
01 Nov 2011
(MENAFN) Saudi Electricity Co. (SEC) said that that in order to meet growing demand for electricity in the Kingdom, the company inked USD316.53 million to construct electricity substations, reported Arab News.
The company added that the two substations would not generate electricity; however, they would work as voltage transformers through distributing power.
It also said that one of the two substations would be constructed in Dammam at the east of the Kingdom, where construction would be expected to complete in 28 months, whereas the other one would be built in Taef, and is forecasted to start operations in 30 months.
It is worth noting that Saudi Electricity has plans to raise its power generation capacity by 30,000 megawatts by 2018 through an investment of USD80 billion.
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