Saudi news

64 billion riyals, the volume of capital expenditures of the company in 2023

The CEO of the Saudi Electricity Company, Khaled Al-Qunun, said that the Kingdom is witnessing strong economic growth despite the crises the world is going through, pointing out that the energy sector in the Kingdom is “promising.”

Al-Qunun added, in an interview with “Al-Arabiya” on the sidelines of the World Economic Forum “Davos”, today, Wednesday, that the investment environment in Saudi Arabia is “stimulating” in light of the availability of incentives and a clear vision.

Al-Qunun referred to the “Saudi Electricity” strategy that was launched in 2020, which contributed to enabling the company to invest and launch new projects.

He explained that the company is working to ensure energy supplies and continuously achieve sustainability solutions.

Al-Qunun stated that the “Saudi Electricity” projects include building systems, transmission lines and control centers, as well as modernizing distribution networks.

He continued, “The company launched projects last year, and work on them will continue until 2030 to achieve the vision, which includes generating the energy mixture by 50% from gas, and 50% through renewable energy.”

Al-Qunun said that the company is adopting an ambitious program for renewable energy in conjunction with the modernization of transportation networks to accommodate these energies, in addition to the establishment of new lines whose investments are estimated by 2030 at a value of 70 billion riyals only for renewable energy.

He revealed that the volume of Saudi investments amounts to 400-500 billion riyals until 2030 to modernize the electricity distribution networks and facilitate all the necessary capabilities.

He pointed out that there are investments in electricity generation and investments in renewable energy, explaining that the part that concerns the “Saudi Electricity” will be in transmission lines and distribution networks.

He added that the company’s capital expenditures amount to 64 billion riyals for the current year, compared to 45 billion riyals in 2022, and it is among the 500 billion riyals allocated by the end of 2030.

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