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FINANCIAL NEWS
Saudi Electricity to increase output capacity
16 May 2010
(MENAFN) The Chief Executive Officer at the Saudi Electricity Co (SEC) said that the company is planning to boost its output capacity by an additional 30,000 megawatts, Reuters reported.
Saudi Electricity, which produces around 40,000 megawatts, plans to spend $80 billion to add 20,000 megawatts through 2018, as well as $20 billion on independent power producer (IPP) projects to add more than 10,000 megawatts of capacity.
The firm is executing projects to meet the growing energy demand in the kingdom which is increasing at a rate of 8 percent a year.
The CEO said in the interview that he intends to create a number of power generation companies, and one transport company which will function as subsidiary firms for the company that will be established as part of a restructuring program.
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