State-controlled Saudi Electricity Co said it would add 12,043 megawatts to its power generation capacity through 2015 to meet rising power demand in the top OPEC oil exporter.
The company would increase its generation capacity by 2,478 MWs this year and 9,565 MWs from 2011-2015, it said in its 2009 annual report published in local newspapers on Wednesday.
Saudi Arabia is facing rapid power demand growth as it builds infrastructure and heavy industry it hopes would diversify its economy away from dependence on oil revenues. The economic boom sparked by the oil rally of 2002-2008 contributed to rapid economic growth.
SEC's actual generation capacity stood at 37,980 MWs after adding 3,510 MWs in 2009, a company source who declined to be identified told Reuters.
Saudi Electricity, along with other power producers in the kingdom, produced around 44,583 MWs in 2009, the source added.
The company plans to double its generation capacity to 70,000 MWs by 2020 to meet power demand that is growing 7-8 percent annually in the kingdom, the largest Middle East economy and the world's top oil exporter.
Saudi Electricity is the largest utility in the kingdom. (Reuters)For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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