Saudi Electricity Company

Saudi Electricity Company (SECO), the Gulf’s largest utility by market value, was created by the amalgamation of 10 local electricity firms in Saudi Arabia nine years ago.

SECO has since enjoyed a monopoly on the generation, transmission and distribution of electricity across the Kingdom, managing 37,000 megawatts of power across some 45 plants. However, that may be set to change.

Last month a senior government official said Saudi planned to split SECO into four independent power generation companies to encourage more competition.

The company, which is currently 80 percent state-owned with a float of 20 percent on the Saudi stock market, is likely to be divided by 2010, said Abdullah Al Shehri, vice governor for regulatory affairs at Saudi Arabia’s Electricity and Cogeneration Authority.

SECO posted a net loss of $116.3m in the fourth quarter, down 32 percent on the $171.5m it made a year earlier.
More about the company
Address: Floor 22, Burj Al Faisaliyyah Building, King Fahd Road PO Box 22955 , Riyadh, SAUDI ARABIA

SEC

Joint stock

5 April 2000

Public

966 1 4053227

966 1 4069015

www.se.com.sa

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Officers »
Board of Directors Position
Saleh Hussain Al Awaji
Board Member
Abdullah Bin Mohammed Basodan
Board Member
Suleiman Bin Abdullah Al Qadhi
Board Member
Khalid Bin Abdullah Al Sabti
Board Member
Essam Bin Alwan Al Bayat
Board Member
   
Management Position
Ali Bin Saleh Al Barak
Chief Executive Officer
Youssef Suleiman Balghunaim
Executive Vice President - Generation
Saleh Al Onaizat
Executive Vice President - Transmission
Ali Al Ayed
Executive Vice President - Finance
Fouad J. Al Shuraibi
Senior Vice President - Western Area Operations
View all
Major Shareholders
Name Country
Government of Saudi Arabia
Saudi Arabia
Saudi Arabian Oil Company
Saudi Arabia
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