Saudi Electricity signs US $204.3m in deals

SEC is at the centre of the country's drive to provide more power.

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Saudi Electricity Corporation, the state-backed power supplier in Saudi Arabia, said it has signed deals worth SAR 766.3 million for the next phase of the Kingdom’s power expansion, according to Zawya Daily.

The contracts were awarded to a number of companies and continue the broad mix of construction firms involved in the country’s power sector. Last month, Ali Al-Barrak, CEO of SEC, announced that the company had executed SAR 90 billion worth of projects last year, including a contract with GDF Suez and two other contractors for the construction of a 1,750 MW power plant, which will be partly financed by banks, and a SAR 6 billion deal with Hyundai Heavy Industries Company from SEC subsidiary Dhuruma Electricity Company to build a power plant.

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The listed company is at the forefront of the country’s challenge to meet rising power demand, which has been estimated to be rising as fast as 7% per year. The Kingdom is expected to invest $80 billion over the next ten years. Last year it announced it would share a power grid with Egypt.

SEC shares were unchanged at SAR 14.1. They have recovered from a brief dip to SAR 13.25 on 29th January. The price reached its highest level – SAR 15.45 - in almost 18 months on 12th October.