There was a rare year-on-year decline in Saudi Arabia’s electricity consumption last quarter as a result of the ongoing Hormuz crisis. State utility Saudi Energy (SE) attributes this to reduced industrial demand, in the latest demonstration of the extent to which the conflict is impacting economic activity in the kingdom.
SE supplies electricity to consumers across the country, and stated in its H1 results this week that “energy sold remained stable y/y at 160.7TWh.” This implies 97.2TWh for Q2, down slightly from 99.0TWh for the same period last year (see chart 1). (CONTINUED - 703 WORDS)
