Saudi Electricity Co.’s (SEC) smart metering project will save operating expenses, CEO Fahad Al-Sudairi told CNBC Arabia in an interview.
Al-Sudairi said that the project will be financed from the company’s own resources and commercial debts, affirming that no additional costs will be incurred by SEC subscribers and no loans will be granted by the government for this project.
“The project will be self-financed. It is a national project that achieves the will of the Saudi government and company subscribers,” Al-Sudairi pointed out.
The utility is working on various projects to generate energy and enhance the reliability of power distribution networks.
“The company’s 2020 budget will be approved by the end of this month. Huge funds will be allocated for investment in power generation, distribution and transmission,” he revealed.
SEC witnessed a drop in consumed energy between 4.5% and 5% during the first 9 months of 2019, as expected earlier by the company.
Meanwhile, the company saved fuel consumption through production efficiency to 40% in 2019 from 37% in early 2018, which reduced operating expenses, Al-Sudairi concluded.
The Gulf’s largest utility provider on Dec. 19 signed contracts of the smart metering project to install and commission 10 million smart meters for consumers across the Kingdom for a total cost of SAR 9.56 billion, Argaam reported.
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