THE newly established Saudi Company for Energy Procurement Ltd recently held its first meeting at its headquarters in Riyadh to discuss the strategies to promote the electric power market in the Kingdom within Vision 2030 to achieve competitiveness in the sector.
Osama bin Abdulwahab Khawandanah, chief executive officer of company said during the first meeting of the Board of Directors that the “principal purchaser”is a limited liability company wholly owned by the Saudi Electricity Company with a capital of SR2 million and has obtained the necessary approvals from the competent regulatory authorities. The establishment of the company is in implementation of the Royal Decree stating the independence of the Principal Purchaser within the Kingdom Vision 2030 and its plans to restructure the national economy, including achieving competitiveness in the electrical power sector in the Kingdom.
“The main tasks of The Saudi Company for Energy Procurement Ltd (the principal purchaser) focus on offering electricity generation projects, buying electricity, capacity and system services, entering into agreements of power purchase and/or conversion and/or continuous sales, wholesaling electricity to retail licensees and to major consumers, the sale of the electrical system services, as well as the import and export of electrical energy, the acquisition of essential fuel and the reserve fuel for its supply to the production licensees, and managing the account of the budget fund, which aims to cover the deficit between targeted revenues and actual revenue, in addition to the development of markets for trading electricity or the system services in the Kingdom,”Khawandanah noted.
Its Board of Directors consists of seven members headed by Zaki Bin Abdul Mohsen Al Mousa, Omar Bin Abdullah Al Ghamdi as Vice President, and Nasser Bin Abdullah Al Wahaibi, Dr. Abdulrahman bin Mohammed Al Ibrahim, Fahad Bin Hussein Al-Sudairy, and Ayesh Ayesh Al-Shammari as members, and with Osama Bin Abdulwahab Khawandanah as member and chief executive officer of the company. — SG
