Saudi Electricity suffers $209m loss in Q1

20 Apr 2010

(MENAFN) Saudi Electricity Company (SEC), the Gulf’s largest listed utility, said that its losses have increased to $209 million in the first quarter of 2010, as it was forced to buy power from external providers, SPA reported.

The firm is executing projects to add 5,105 megawatts of new power capacity by 2012 as demand for power in Saudi Arabia is growing at a rate of 8 percent annually, according to a statement to the local bourse.

SEC posted a net loss of $205.6 million in the first quarter last year, it said in the statement, attributing the loss to the increased costs resulting from new projects.

It is worth mentioning that Saudi Electricity is planning to raise up to $1.87 billion from a sukuk issuance in May to fund expansion.

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