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Saudi Arabia’s state-run electricity generator and supplier Saudi Electricity Company (SEC) will be broken up this year as Riyadh seeks to improve efficiency in the kingdom’s power industry, according to the head of the state regulator.
“By the end of 2016 we will see the creation of four power generation companies from the assets of SEC,” ‘Abd Allah al-Shihri, Governor of the Electricity and Cogeneration Regulatory Authority (ECRA), told Al Arabiya television.
Mr Shihri says the process will introduce competition to the electricity sector. Stakes in the new generating companies will be offered either to local citizens through share offerings on the Saudi Stock Exchange (Tadawul), or to local and international power companies.
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