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Saudi Electricity approves projects worth US$3.9bn

by CW Staff on Aug 25, 2010

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Saudi is promoting energy efficiency as it expands its capacity.

Saudi Electricity has approved projects valued at SAR14.7 billion (US$3.9 billion). These include expanding the Rabigh power plant, building a power link between Hail and al-Jawf and installing power cables in Makkah.

The Riyadh-based company made the announcement in a statement to the Saudi bourse Web site. The company will borrow and use its own funds to finance the projects, according to the statement.

Power demand in Saudi Arabia, the world’s largest oil supplier, is set to increase 8% a year as the population expands and the government invests to spur economic growth. The utility plans to invest SAR205 billion in capacity expansion by 2018.

The Kingdom implemented electricity tariffs from July 1 as it seeks more efficient energy use, the Saudi Press Agency reported in June. The rates apply to government, industrial and commercial clients, and are expected to generate SAR3.2 billion in revenue a year for the power company.

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