ENERGY

Saudi Electricity awards $2.5 bln project to install smart meters nationwide

The company plans to install around 12 million smart meters in the Kingdom by 2025. (File photo: Reuters)

Saudi Electricity Co, the largest utility provider in the Gulf, said on Sunday it awarded a project to install 10 million smart meters across Saudi Arabia as part of a broader plan to improve power distribution in the country. 

The project is expected to cost 9.5 billion riyals ($2.5 billion), the utility said in a statement.

The move is a part of the company’s plan to install around 12 million smart meters in the Kingdom by 2025. A smart meter, which records electricity consumption, is used by power producers for monitoring and billing purposes. 

“SEC’s Board of directors approved the awarding of Smart Metering project. The project entails installing and commissioning 10 million smart meter for consumers across KSA (Kingdom of Saudi Arabia),” it said.

The project, which will be funded through a combination of existing cash and loans, is expected to have a “positive impact” on SEC’s results upon its completion, the company said,  adding that one third of the project will be sourced from local content.

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Last Update: Sunday, 15 December 2019 KSA 14:20 - GMT 11:20
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