Saudi Electricity breakup proposal being reviewed

RIYADH — Saudi Arabia is reviewing its plan to break up Saudi Electricity Co ( SEC ) into four parts as part of a drive to further privatize the utility, according to sources aware of the matter. The review, being conducted by consultants and advisors to the government, could result in the original plan being retained or a new restructuring scheme put in place. The move was instigated before Saturday’s sweeping changes to the kingdom’s government, including the Water and Electricity Ministry being broken up and power affairs placed within the new Energy, Industry and Mineral Resources Ministry headed by Energy Minister Khalid Al-Falih. Saudi Electric did not immediately respond to a request for comment. The review places doubt on a timetable to split the firm by the end of the year into four power generation companies, as announced in February by Abdullah Al-Shehri, governor of the Electricity & Co-Generation Regulatory Authority. — Reuters