(MENAFN - Arab News) Saudi Electricity Company is currently implementing new power generation and distribution projects at a total cost of more than SR100 billion, its chairman Dr. Saleh bin Hussein Al-Awaji announced yesterday.
He said SEC has set out a 10-year plan (2012-2021) during which it would implement new projects worth SR452 billion to meet the increasing electricity demand as a result of the Kingdom's rapid economic growth. He hoped the new plan would enable the company to have a 10 percent reserve at peak times. "Saudi Electricity will continue to develop its human, technical, financial and administrative capabilities."
Ever since its establishment in 2000, SEC has been distributing dividends among its shareholders, he said, adding that it gave SR547 million in dividends in 2011. The amount is equivalent to seven percent of the nominal share value.
Al-Awaji estimated the company's total assets at 213.45 billion and the total of shareholders' rights SR51.89 billion. "We'll continue to encourage the private sector to carry out electricity projects."
He said the linkage of power networks in various parts of the country has almost been completed, adding that it would contribute to exchange of electricity and economic operation of SEC facilities.
On his part, Ali Al-Barrak, CEO of the company, said SEC's annual report for 2011 reflected its continuous efforts to beef up the Kingdom's power network. He estimated the annual growth of electricity demand at 8 percent. "During the past 11 years we have completed 96 percent of the power grid project," he added. The Kingdom's power generation capacity has increased from 24,083 to 51,148 megawatt following the company's formation while the length of its power network rose from 29,166 to 49,675 km and distribution lines from 219,076 to 409,289 km. The number of subscribers rose to 6.3 million.