JEDDAH: Saudi Electricity Co. (SEC) will add 12,752 megawatts during its 2012-2016 plan to meet the Kingdom's growing need for electricity, the company said in a statement to the Saudi bourse website Monday, citing Chief Executive Officer Ali Al Barrak. SEC expects to have a customer base of 7.9 million by the end of 2016 as demand rises amid growing population. The company projects to add 309,000 new customers next year and 1.79 million between 2011 and 2016, the statement noted. The company Saudi Arabia is developing electricity projects to keep pace with a swelling population and accelerating economic growth spurred by government spending. Power demand in the world's largest oil producer is likely to increase by 8 percent a year, Al-Barrak said Oct. 4. The Riyadh-based company will add 6,510 megawatts in 2011 in new projects that will enter the service by 2012. They include building 56 new power transfer stations, upgrading 10 existing stations and adding 33 power transforming stations, the statement said, citing Chairman Saleh Al Awaji. Saudi Electricity shares dropped to SR14.05 at close in Riyadh Monday from SR14.20 Sunday. The stock has gained 26 percent this year and the company has a market capitalization of SR59.2 billion ($15.8 billion).
