SCECO signs $16 million contracts upgrading southern network
The Saudi Consolidated Electricity Co. (SCECO) Southern Region has recently signed two contracts, valued at 60 million Saudi riyals ($16 million), with several local companies, reported Al-Hayat.
The new contracts aim to supply the rising demand for electrical power in the southern region of Saudi Arabia. The first, valued SR 25 million, will be executed within 18 months, while the second, a SR 35 million contract, is scheduled for 2003-end.
With one of the highest per capita electricity consumption rates in the world and a rapidly growing population, power demand in Saudi Arabia power rises by nearly five percent each year.
In a bid to upgrade the kingdom’s network, a 25-year electrification plan was launched by the Ministry of Industry and Electricity, calling for $117 billion investments to triple the annual production capacity to 70,000 MW by the year 2020.
Restructuring steps have also been taken, primarily the consolidation of Saudi Arabia’s ten regional power companies into a single joint-stock company, the Saudi Electricity Company (SEC), divided into four regional branches. — (Mena Report)
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