Saudi Electricity Company set to invest to help meet kingdom's rising demand for power
The Saudi Electricity Company (SECO) will spend $80bn over the next 10 years to help meet the kingdom’s rising demand for electricity, local daily Arab News reported on Thursday.
The utility, the largest in the Gulf by market value and 80 percent state-owned, will increase capacity by 76 percent, from 54,000 megawats to 95,000MW.
The kingdom needs at least an additional 30,000MW by 2020.
An additional 4000MW is expected to be added to the network this year, with another 8000MW by 2014.
SECO also is investing in solar energy, which is becoming much more common in the Middle East as countries attempt to grapple with expanding populations and environmental concerns.
The Saudi government has announced plans to invest SR408.75bn to produce 41 gigawatts of solar energy by 2032.