Our Expansion Prosperity Reliability Journey
1907
- Electricity was introduced in Saudi Arabia at the Prophet’s Mosque.
1918
- The expansion of electricity continued, reaching Masjid Al-Haram.
1975
- Recognizing the need for oversight, the Ministry of Industry and Electricity was established to regulate the growing electricity sector in the Kingdom.
2000
- The Saudi Electricity Company came into existence, positioning itself as a publicly traded company.
2002
- A new organizational structure has been implemented to enhance the company’s efficiency, covering core activities, joint initiatives, and support services.
2003
- A consolidated entity, named the Saudi Unified Electricity Company, was formed through the merging of private and semi-private electricity providers.
2007
- The issuance of the first 5 billion Islamic bonds (sukuk) in Saudi Arabia.
2012
- The formation of National Grid SA marked a pivotal moment, as it emerged as a wholly-owned limited liability subsidiary of the Saudi Electricity Company.
2014
- The company has adopted an organizational structure for energy trading and new partnerships, aiming to oversee its business relations with electricity producers and large consumers.
2015
- Establishment of Saudi Electricity Projects Development Company (SEPDC) as a wholly owned subsidiary of the Saudi Electricity Company.
2017
- The establishment of the Saudi Power Procurement Company took place as a wholly-owned limited liability company under the ownership of the Saudi Electricity Company.
2019
- The government launched the budget account for the Saudi Electricity Company to receive government support through it.
- Establishment of Integrated Dawiyat for telecom and information technology.
2020
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The establishment of the Saudi Energy Production Company occurred as a wholly owned limited liability company under the ownership of the Saudi Electricity Company.
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The company issues its first international Green Sukuks, marking a historic first for a Saudi company within the Kingdom.
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In November of this year, comprehensive organizational and financial reforms were adopted.
2021
- In accordance with the organizational and financial reforms, the company began operating according to the required revenue structure based on the methodology of an organized asset base.
- The establishment of the Saudi Service Company occurred as a wholly owned limited liability company under the ownership of the Saudi Electricity Company, which was later renamed Solutions Valley Company.
2022
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The Saudi Power Procurement Company becomes independent, bringing in new power conversion agreements at Saudi Electricity Company stations.
2023
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The Saudi Electricity Company has officially announced its ESG strategy and an ambition to reach net-zero emissions by 2050.
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The company achieved a significant milestone by winning three major projects, including two as a master developer in Taiba and Qassim in alliance with ACWA Power Company. Furthermore, SEC has initiated the expansion of the Rabigh power plant.
And those are just the outset of our remarkable journey.
Localization
%
Percentage of purchases from local factories
At the Kingdom level
%
Smart electric meter coverage
Compared to 2022
%