SEC takes steps toward privatisation
The Saudi Electric Company begins its restructuring plans
A plan set to restructure and privatise the Saudi Electric Company will begin next year, as the Gulf’s largest utility company looks to launch generating and distribution companies.
In a report by the Saudi Gazette, a source from the SEC has said that the company’s board of directors has approved the implementation of the interim stage of the restructuring, and that a working team has been formed and a contract signed with international consultants Accenture.
The restructuring plans are an attempt to boost the power sector in Saudi Arabia, and the SEC’s CEO, Ali Al-Barrak, has said that establishing the companies is part of the plan for restructuring some of its operations and converting its main units to fully owned, affiliated companies.
The report also said that restructuring plans include the division of the SEC into three separate unites, before privatising them, separating the power-generating assets from those related to transmission and distribution.