Saudi Electricity to Vote on Name Change to Saudi Energy Company | Argaam+
Saudi Electricity Company to Vote on Name Change to Saudi Energy Company
Riyadh, Saudi Arabia – has been set as the date for an extraordinary general assembly meeting of the Saudi Electricity Company (SEC) to vote on amending Article 2 of the company’s basic system, changing its name to the Saudi Energy Company. The company also intends to seek approval to modify Article 3, outlining the scope of its activities, according to a statement released on Tadawul.
The proposed changes broaden the company’s defined purpose beyond electricity. The expanded activities, as detailed in the statement, include:
- Generation, transmission and distribution of electrical energy.
- Repair of electrical equipment.
- Construction of utilities projects.
- Electrical installations.
- Architectural and engineering activities and related technical consulting services.
- Technical tests and analyses.
- Other types of education.
- Experimental research and development in the field of natural sciences and engineering.
- Integrated activities to support utilities.
- Real estate activities in owned or leased properties.
- Real estate activities on a fee or contract basis.
- Holding company activities, involving the acquisition of assets and dominant ownership of capital in a group of subsidiary companies, with the primary activity being ownership of the group.
- Land transportation of goods.
- Manufacturing of basic chemical materials.
- Pipeline transportation.
- Collection, treatment, and supply of water.
The Saudi Electricity Company, established in through the merger of regional electricity companies, currently enjoys a near monopoly on the generation, transmission, and distribution of electric power in Saudi Arabia, operating 45 power generation plants throughout the Kingdom.
In 2019, Forbes ranked SEC as the 5th largest company in Saudi Arabia and the 578th worldwide, with total annual sales of $17.1 billion. As of 2024, the company reported revenue of $SAR 75.33 billion. In 2023, SEC reported an operating income of $SAR 18 billion and a net income of $SAR 10.25 billion, with total assets reaching $SAR 500.8 billion and total equity at $SAR 256.3 billion.
The Saudi Electricity Regulatory Authority (SERA) is responsible for regulating the electricity sector in Saudi Arabia, aiming to ensure consumer satisfaction, organization, reliability, sustainability, and efficiency. In 2009, SERA announced intentions to split the company into four generation companies and separate transmission and distribution companies to encourage competition, leading to the establishment of National Grid SA in 2012 to operate the national grid.
The Saudi government owns more than 80 percent of the Saudi Electricity Company. Najem Abduallah Alzaid currently serves as Chairman, and Khalid Bin Hamad Al-Ghonon is the CEO.