Saudi Electricity Co invested $24 billion in 2010
Huge investment needed to meet 8% yoy demand increase
The Saudi Electricity Company, the state-backed power supplier, executed SAR 90 billion worth of projects last year as the private and public sector aims to meet soaring domestic demand.
Ali Al-Barrak, CEO of SEC, announced the figure in a meeting with the Prince Salman, governor of Riyadh.
Power demand in the country is set to rise by 8 percent year-on-year. Last year, Saudi Arabia announced a plan to share a grid with Egypt in a mutual pledge to meet local needs. The SEC said it plans to add 13,000MW to the country’s national grid, to be implemented with a string of contracts.
The company signed a contract with GDF Suez and two other contractors for the construction of a 1,750 MW power plant, a project which will take two years and will be party financed by banks.
Two days later, Hyundai Heavy Industries Company was awarded a SR6 billion contract from SEC subsidiary Dhuruma Electricity Company to build a power plant.