The Saudi Company for Energy Purchase Ltd. has received its principal buyer license from the Electricity and Co-Generation Regulatory Authority (ECRA), the firm said in a statement to Argaam.
The company now will be able to conduct principal buyer activities including selling, converting, importing, and exporting electric power, as well as developing markets for the electric power trade and services, and selling and developing the services of the electrical system in general, the firm added.
The company plans to develop the services of the electricity market in compliance with regional power regulations, since the Kingdom produces more than one quarter of combined electricity production in the Arab region, Chief Executive Osama bin Abdulwahab Khawandanah said.
The company has inked agreements of power purchase, conversion, continuous sales and wholesaling electricity to retail licensees and major consumers, he added.
Saudi Company for Energy Purchase is wholly owned by the Saudi Electricity Company (SEC) and has obtained required regulatory approvals.
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