Saudi Electricity Company

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Recent Articles

• Pressure seen easing on struggling Saudi power grid8 November 2009

  New report says demand 'held in check' by drop in industrial activity during H2.

• Saudi signs $1.8bn deal to expand Qurayat power plant21 October 2009

  Project to become operational before June 2014, will boost production at Gulf's largest utility.

• Saudi's Alinma Bank examining further project funding11 July 2009

  CEO says bank looking at King Abdullah Financial Center in Riyadh among others.

• Saudi Electricity seeks bidders for Riyadh project11 July 2009

  Power plant project is expected to start first phase of operation by 2012.

• Saudi Electricity set to sell more sukuk4 July 2009

  CEO of state-owned enterprise indicates market may be tapped again after last week's pricing of $5bn issue.

• Saudi to spend $28bn on ailing electricity network1 July 2009

  Kingdom to invest huge amounts over next three years to meet rising power demands.

• Pricing of Saudi Electricity's new sukuk soars28 June 2009

  Rise far exceeds 45bps over Saudi Interbank Rate seen with maiden issue back in February.

• Saudi Electricity Company obtains $1.09bn loan22 June 2009

  Electricity giant says loan will finance new power units to meet demands of citizens.

• Power rationed amid Saudi electricity shortage16 June 2009

  Factories in Jeddah told that electricity will be turned off each day from 1-4pm.

• Saudi Electricity sukuk seen priced above maiden issue13 June 2009

  Gulf's largest utility by market value begins roadshow for its 2nd sukuk issue.

• Saudi Electricity to sell sukuk for expansion7 June 2009

  CEO confirms utility will issue Islamic bonds that could be worth about 5bn riyals.

• Firm wins $100m deals to boost Saudi power28 May 2009

  Swiss based ABB to design, install and commission three substations in Makkah.

• Saudi plans to break-up state utility30 March 2009

  SEC (Saudi Electricity Company) to be split into four independent power companies to encourage competition.

• ABB wins US $95 million Saudi power job31 January 2009

  Power house ABB has won an order worth US $95 million (SAR356 million) from the Saudi Electricity Company (SEC), Saudi Arabia’s national power transmission utility for substations to help strengthen the country’s distribution network.

• 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.