Saudi Electricity Co. to invest $10bn in 10 years

Ali Saleh Al-Barrak, CEO of Saudi Electricity Co. (SEC) has said the company will invest $10bn in the next 10 years, to address the power needs in all parts of the kingdom, Arab News has reported. The announcement was made at the sidelines of the awarding of SR1.08bn contract to Arabian Bemco Contracting Co. to expand the Qassim Power Plant. The 10-year-plan is expected to add 25,000 MW to the kingdom's current generation capacity of 40,000 MW. The ministry of water and electricity estimates consumption in the kingdom would rise to the equivalent of 140,000 MW over the next two decades.