Saudi Electricity Company (Arabic: الشركة السعودية للكهرباء; SEC) is the Saudi electric energy company. It enjoys a near monopoly on the generation, transmission and distribution of electric power in Saudi Arabia through 45 power generation plants in the country.[3] In 2019, SEC was ranked by Forbes as the 5th largest company in the Kingdom, and the 578th worldwide, with total annual sales of $17.1 billion .[4]
 | |
| Company type | Public |
|---|---|
| Tadawul: 5110 | |
| ISIN | SA0007879550  |
| Industry | Electric utility |
| Founded | 3 May 2000 |
| Headquarters | Al Aridh, Riyadh , Saudi Arabia |
Key people |
|
| Revenue |  $SAR 72.1 billion (2022)[2] |
| $SAR 18 billion (2022)[2] | |
| $SAR 15.1 billion (2022)[2] | |
| Total assets | $SAR 479.5 billion (2022)[2] |
| Total equity | $SAR 257.1 billion (2012)[2] |
| Subsidiaries |
|
| Website | www |
History
The company was formed in 2000 by Order of the Council of Ministers through a merger of existing regional electricity companies in the Central, Eastern, Western and Southern regions into a single joint stock company.[5][6]
In 2009, the Electricity and Co-generation Regulatory Authority (ECRA) announced its intention to split the company into four generation companies and separate transmission and distribution companies to encourage competition in the domestic utilities sector.[7] A transmission company – National Grid SA – was established in 2012 to operate the National Grid SA.[8][9]
In 2014, ECRA was said to have hired advisors on the break-up of the company.[10] ECRA also confirmed the new generation companies will be open to foreign investment.[8]
The company is 81.24 percent owned by the government, both directly (74.31%) and through Saudi Aramco (6.93%).[3]
In 2015, SEC, Taqnia Energy and King Abdulaziz City for Science and Technology (KACST) agreed to collaborate to build and operate the first standalone solar power station in the country.[11]
For the first six months of 2022, net profit fell 6.6% to SAR7 million, while total comprehensive income slipped 0.14% to SAR7.7 million.[12]
See also
References
External links
- Official website—(in English)
- Official website—(in Arabic)
- Paper that an employee at SEC authored in 2017 on the effects of jointly reforming industrial fuel and residential electricity prices in Saudi Arabia.[1]