Saudi Arabia: Riyadh offers utility $45bn support package

Energy minister Prince Abdelaziz Bin Salman announced wide-ranging changes on 16 November designed to bolster state utility Saudi Electricity Company (SEC), improve the transmission network’s reliability and encourage more renewable energy production. Prince Abdelaziz, who is also chairman of the Ministerial Committee for Restructuring the Electricity Sector and of the Electricity and Cogeneration Regulatory Authority (ECRA), said SEC’s net government liabilities – estimated at SR168bn ($45bn) – would be converted into shareholder equity via a sharia-compliant instrument. In addition, fees paid by SEC to the government would be cancelled.