The Clap
The Ministry of Finance and Ministry of Energy announced that they acquired Saudi Electric Company’s (5110) stake in Saudi Power Procurement, making it fully government-owned.
The Deets
According to the Ministry of Energy, these arrangements are part of an effort to restructure the electricity sector as well as complement the financial and regulatory reforms as part of KSA’s vision for 2030.
They added that the assets, obligations, and commercial contracts of Saudi Power Procurement have been transferred.
Why this Matters
Saudi Power Procurement will plan and launch projects that generate electricity, as well as finalize agreements for the purchase of electric power and the development of its market and services.
Saudi Electric Company will focus on the production of energy, as well as transmitting and distributing it.
Saudi Power Procurement is now fully owned by the government 🤝
