By Mohammed Abu Meleeh
Riyadh-Mubasher: Saudi Electricity Co. (SEC), the state-owned utility, spends nearly 40-60 billion annually on energy projects, said CEO Ziyad Al-Shiha.
He told Mubasher on the sidelines of Euromoney held currently in Riyadh that his company seeks to avoid the power outages in the next summer, noting that the outages take place anywhere in the world.
Duba project, located in the north of Tabuk, will generate 550 megawatts of energy, through using the fossil fuel, in addition to 40-50 megawatts from the solar thermal energy, Al-Shiha said.
He added that SEC offered the project and expects to receive lowt bids, noting that the Egyptian-Saudi electricity linkage project is expected to come to light soon.
The company launched new projects in 2014 at a total value of SAR 45 billion, and electricity demand increased by up to 7%.
SEC posted SAR 1.9 billion in net loss for the first quarter of 2015, a rise of 112.5% from SAR 913 million net loss logged in the same period a year ago.
Translated by Abdul Maguid Aboshahla
