Saudi SEC Signs SAR357M In Deals For Power-Transfer Stations

Thursday, Jan 26, 2012

(This story was originally published Wednesday.)

RIYADH (Zawya Dow Jones)--Saudi Electricity Co. (5110.SA), or SEC, the largest-listed utility in the Gulf, says it has signed deals worth 357 million Saudi riyals ($95 million) relating to projects to build and expand electricity transfer stations in the south, part of the utility's $80 billion 10-year plan to meet surging electricity demand in the kingdom.

The transfer stations will be built or improved in the regions of Makkah, Najran and Asir, company chief executive Ali bin Saleh al-Barrak said, according to a report Tuesday on the state's Saudi Press Agency website.

Al-Barrak said the utility has adopted a budget exceeding SAR55 billion for the year 2012, the report added.

Saudi Arabia has one of the region's fastest growing population rates, contributing to an 8% annual increase in demand for electricity. Last year, Saudi Electricity Co. committed to raising installed capacity from 50,000 megawatts to 80,000 megawatts by 2020.

SEC shares are trading -0.4% at SAR13.45 Wednesday in a flat overall market.

news agency website: http://www.spa.gov.sa/

-By Ellen Knickmeyer, Dow Jones Newswires, +971 55 1093359, ellen.knickmeyer@dowjones.com

(END) Dow Jones Newswires

26-01-12 0400GMT