Saudi Electricity concludes smart metering project contracts

Saudi Electricity concludes smart metering project contracts

/ Technology & Smart Cities / Thursday, 16 January 2020 05:29

Saudi electric utility company, Saudi Electricity Company (SEC), and subsidiary of State Grid Corporation of China (SGCC) signed Smart Metering projects contracts worth around 9bn SAR which will be funded through the company’s internal resources in addition to external financing with 3.5 million smart meters to be bought from local manufacturers.

It is expected to be completed March 2023. The projects entail installing and commissioning 10 million smart meters for consumers across KSA.

SGCC will install 5 million smart meters in the western and southern areas of the kingdom and a consortium formed by Mobily and Al Fanar Construction will carry out the rest of the project in Central and Eastern operating areas, the Saudi Stock Exchange said.

These projects are believed to have a positive impact on the company’s results upon their completion. However, starting 2021, positive financial results will start to be felt among the company.

SGCC said it would be the first time China’s smart grid business had entered the global market, providing an opportunity to export the country’s advanced electricity distribution and management systems.

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