Saudi Electricity Company

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Recent Articles

• Saudi Electricity posts 12% decline for Q326 October 2008

  UPDATE 1: Gulf's largest utility down on rising input costs, new projects.

• Saudi king set to launch $3.2bn power projects13 October 2008

  King Abdullah begins visit to Madinah, will lay foundation stone for major developments.

• Alstom building Saudi power13 September 2008

  Power generation group Alstom has signed a contract with Saudi Electricity Company to build stage three of the Shoaiba power plant, worth around US $2.7 billion (SAR 10.1 billion).

• Consortium wins $2.8bn Saudi power deal1 September 2008

  French firm Alstom Power leads project to expand capacity at plant near Jeddah.

• No more outages, says Saudi power chief25 July 2008

  Acting CEO of Saudi Electricity Company reassures customers following blackout.

• Saudis hit by power cuts24 July 2008

  Problems at power plants, malfunctioning transmission line blamed by Saudi Electricity Company.

• Saudi Electricity eyes sukuk 29 June 2008

  Gulf's largest utility by market value says it needs to spend $6.93bn on 4 power plants to meet demand.

• GE inks $500mn Saudi contract29 May 2008

  Power deal to supply gas turbines and generators to various power plants owned by Saudi Electricity.

• Experts back Gulf nuclear drive27 May 2008

  Experts push nuclear to fuel booming economies in favour of renewable sources like wind and solar power.

• Saudi Electricity posts biggest loss in four years21 April 2008

  Gulf largest utility loses $205.6mn during Q1, a time when falling demand hits profit.

• Saudi to overhaul power sector18 March 2008

  Gov't to privatise Saudi Electricity, breaking utility up into four separate units, regulator says.

• Gulf markets rebound12 March 2008

  Stocks across region push markets to higher close, bar Saudi which drops for fifth time in six days.

• Saudi boosts domestic power supply19 February 2008

  Saudi Electricity says $40bn needed in investments by 2017 to reach demand.

• Saudi power project in prequalification stage6 February 2008

  Some 45 companies and consortia previously submitted expressions of interest for the project.

• Saudi Electricity posts biggest loss in years21 January 2008

  Utility reports loss of $144.8mn in Q4, twice as large as most pessimistic forecast.

• Saudi Electricity to shell out $7.4bn to meet demand12 December 2007

  Utility unveils largest ever budget outlay for 2008 as consumption and costs soar.

• Saudi Electricity awards $1bn Rabigh contracts8 December 2007

  Three local firms win contracts to expand generating capacity of power plant by 60%.

• Kelman takes Saudi treble19 November 2007

  Delivery of transformer monitoring units for Saudi Electricity Company to be fast-tracked.

• Saudi Electricity earnings helped by summer heat1 November 2007

  Gulf's largest utility increases Q3 profit by 5.8% to $454.4mn, beating forecasts.

• SEC job awarded17 October 2007

  Zamil Cool Care has signed an agreement worth US $5.8 million (SAR21.5 million) with Saudi Electric Company (SEC).

• Arab energy giants eye coal imports27 June 2007

  Four Gulf Arab states consider importing coal for power as they struggle to meet domestic demand.

• Saudi Electricity to spend $51bn to up capacity20 June 2007

  Company will raise money from Islamic bonds to increase capacity by 60%.

• Saudi Electricity to sell $533mn in bonds20 June 2007

  Company needs to up its generating capacity to meet increasing demand for power.

• Saudi to invest $50bn in power18 June 2007

  Saudi Electricity says investment is needed to meet electricity demand up to 2015.

• SEC to invest $24 bn by 201012 June 2007

  Gulf's largest utility will sell Islamic bonds during next ten to 15 years to finance expansion.