The story
The company was formed in 2000 by Order of the Council of Ministers through a merger of existing regional electricity companies in the Central, Eastern, Western and Southern regions into a single joint stock company.
In 2009, the Electricity and Co-generation Regulatory Authority (ECRA) announced its intention to split the company into four generation companies and separate transmission and distribution companies to encourage competition in the domestic utilities sector. A transmission company – National Grid SA – was established in 2012 to operate the National Grid SA.
In 2014, ECRA was said to have hired advisors on the break-up of the company. ECRA also confirmed the new generation companies will be open to foreign investment.
The company is 81.24% owned by the government, both directly (74.31%) and through Saudi Aramco (6.93%).
In 2015, SEC, Taqnia Energy and King Abdulaziz City for Science and Technology (KACST) agreed to collaborate to build and operate the first standalone solar power station in the country.
For the first six months of 2022, net profit fell 6.6% to SAR7 million, while total comprehensive income slipped 0.14% to SAR7.7 million.
In February 2026, the Saudi Electricity Company officially rebranded as Saudi Energy (SE), a change intended to reflect the company’s growing role within the Kingdom’s broader energy sector.
From Wikipedia’s article on Saudi Energy, shared under CC BY-SA 4.0.5