Saudi Co. for Energy Purchase Ltd. holds first board meeting

The newly-formed Saudi Company for Energy Purchase Ltd. held the first meeting of its board of directors to discuss strategies for the company.
Osama bin Abdulwahab Khawandanah, chief executive of the company, said: “The tasks and responsibilities of the newly-established Saudi Company for Energy Purchase Ltd. include buying, selling, converting, importing and exporting of electric power, as well as developing markets for the electric power trade and services, and selling and developing the services of the electrical system in general.”
The meeting was held on May 25 at the company’s headquarters in Riyadh. It reviewed the company’s launching strategies to promote the electric power market in the Kingdom within the framework of Saudi Vision 2030.
Khawandanah said the Saudi Company for Energy Purchase Ltd. (principal purchaser) is a limited liability company wholly owned by the Saudi Electricity Company (SEC) with a capital of SR2 million ($533,000) and has obtained the necessary approvals from the competent regulatory authorities. “The establishment of the company is in implementation of the royal decree stating the independence of the principal purchaser within Vision 2030 and its plans to restructure the national economy, including achieving competitiveness in the electrical power sector in the Kingdom,” he said.
“The main tasks of the Saudi Company for Energy Purchase Ltd. focus on offering electricity generation projects, buying electricity, capacity and system services, entering into agreements of power purchase and/or conversion and/or continuous sales, wholesaling electricity to retail licensees and to major consumers, sale of the electrical system services, as well as the import and export of electrical energy, acquisition of essential fuel and reserve fuel for its supply to the production licensees, and managing the account of the budget fund, which aims to cover the deficit between targeted revenues and actual revenue, in addition to the development of markets for trading electricity or the system services in the Kingdom,” Khawandanah added.
The board of directors of The Saudi Company for Energy Purchase Ltd. consists of seven members, headed by Zaki bin Abdul Mohsen Al-Mousa, Omar bin Abdullah Al-Ghamdi as vice president, and members Nasser bin Abdullah Al-Wahaibi, Abdulrahman bin Mohammed Al-Ibrahim, Fahad bin Hussein Al-Sudairy, Ayesh Ayesh Al-Shammari and CEO Khawandanah.

Source: Arab News