Saudi Electricity Co, a state-
controlled utility, expects to have a customer base of 7.9 million by the end
of 2016 as it seeks to meet rising demand for power in the Arabian Gulf’s
largest Arab country by population.
The utility expects to add 309,000
new customers next year and 1.79 million between 2011 and 2016, the company
announced in a statement to the Saudi bourse website on Monday.
The company will add 12,752
megawatts during its 2012-2016 plan to meet the kingdom’s growing need for
electricity, the statement said, citing chief executive officer Ali Al Barrak.
Saudi Arabia is developing
electricity projects to keep pace with a swelling population and accelerating
economic growth spurred by government spending. Power demand in the world’s
largest oil producer is likely to increase by 8 percent a year, Al Barrak said
on October 4.
The Riyadh-based company will add
6,510 megawatts in 2011 in new projects that will enter the service as of 2012,
according to the bourse statement. They include building 56 new power transfer
stations, upgrading 10 existing stations and adding 33 power transforming
stations, the statement said, citing Chairman Saleh Al Awaji.
Saudi Electricity shares dropped 0.7
percent to 14.20 riyals at the 3:30 p.m. close in Riyadh yesterday. The stock
has gained 26 percent this year and the company has a market capitalization of SR59.2bn
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