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SEC awards SAR 9.6bn smart meter deal

SEC awards SAR 9.6bn smart meter deal
A total of 10 million smart meters will be installed across the Kingdom
SAUDI ELECTRICITY
5110
0.80% 15.12 0.12
ETIHAD ETISALAT
7020
0.98% 20.70 0.20

Riyadh – Mubasher: Saudi Electricity Company’s (SEC) board of directors has approved the awarding of a smart metering project.

The SAR 9.555 billion project entails installing and commissioning 10 million smart meters for consumers across the Kingdom, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Etihad Etisalat Company (Mobily) and Al Fanar Construction consortium will implement the project in central and eastern operating areas, while the branch of China Electric Power Equipment and Technology Company (SGCC) is set to carry out the project’s works in western and southern areas.

A total of 3.5 million smart meters will be purchased from local manufacturers, the statement noted, adding that a third of the project’s value will be sourced from local content.

The project will be funded through the company’s internal resources in addition to external financing.

SEC expects a positive impact on its financial results after the project completion, starting from 2021.