State-controlled Saudi Electricity Co (SEC) plans to launch a transmission subsidiary in January as it splits up into six companies to encourage competition, state news agency SPA reported on Tuesday.
After the restructuring, SEC will be a holding company and will retain full ownership of the six companies, which include four power generation firms, one firm for distribution and another one for transmission.
The cost of the restructuring programme is estimated at around 200 million riyals ($53.3 million), Ali Bin Saleh al-Barrak, SEC's chief executive told SPA.
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