After the restructuring, SEC will be a holding company
and will retain full ownership of the six companies, which include four power
generation firms, one firm for distribution and another one for
transmission.
The cost of the restructuring program is estimated at
around SR200 million ($53.3 million), Ali Bin Saleh Al-Barrak, SEC's chief
executive, told SPA.
"As a result, the Saudi market will be competitive,
which will help increase productivity, efficiency and attract investment to
meet high demand," Al-Barrak added.
SEC has an $80 billion investment plan to increase its
power generation capacity by 30,000 megawatts by 2018 to meet power demand,
which is growing at around 8 percent a year.
He said SEC would not float shares of the newly
established companies in the Saudi bourse nor eye strategic partners in the
near future.
Al-Barrak has said SEC would complete the restructuring
program in 2011 and the companies formed would be in operation by 2012.
