State utility Saudi Electricity Company (SEC) has been licenced as Saudi Arabia’s ‘principal buyer’ of electricity by Riyadh’s Electricity and Cogeneration Regulatory Authority (Ecra), taking over a role hitherto held by Ecra itself. This appears to be a key move to reform SEC’s operations ahead of a break-up of the company for privatization.
The license will be used by SEC’s new subsidiary Saudi Company for Energy Procurement to: instigate projects to generate electricity; purchase electricity and capacity; enter into power purchase agreements and/or continuous sales; sell bulk electricity to retail licensees or to major consumers for their own use; import and export of electricity; and supply fuel to licensed generators. (CONTINUED - 870 WORDS)
