On 05/04/2000, Saudi Electricity Company was established as a Saudi joint stock company with a paid-up capital of (41,665,938,150) Saudi Riyal (Forty-one billion six hundred and sixty-five million nine hundred and thirty-eight thousand one hundred and fifty Saudi Riyals). This amount was divided into (4,166,593,815) shares (four billion one hundred and sixty-six million five hundred and ninety three thousand, eight hundred and fifteen shares). This was achieved by virtue of the Council of Ministers Order (No. 169) Dated 11/08/1419H which stipulated the merger of all Saudi electricity companies in the Central, Eastern, Western, and Southern Regions in addition to the ten small companies operating north of the Kingdom as well as the other electricity operations managed by General Electricity Corporation, into a single joint stock company which is now known as Saudi Electricity Company.
After the completion of the merger process in the year 2000, we followed a gradual and systematic method in restructuring the company's business lines for the purpose of assuring continuity of the electrical power services while maintaining the credibility of the reliability of the electrical system and quality of services to our customers. We also prepared our human resources to adapt to the required changes to realize our strategic objectives and mutual vision.
In the beginning of 2002, the Board of Directors approved the new transitional organizational structure which was designed based on functional business lines for specialized activities. Strategic business functions emerged, i.e. Generation, Transmission and Distribution, and Customer Services; including shared businesses and support services to enable us to reinforce our performance at the level of all business lines to draw our future directions for the anticipated holistic change.
In the beginning of 2003, the transitional organizational structure was activated, and the second stage of the new organizational structure had been applied. In this concern, the sectors and affiliate departments were defined directly for each and every specialized business line. The job descriptions were prepared as well as the completion of the job descriptions of all the other organizational sectors.
In the beginning of 2012, the National Grid SA, a limited liability company wholly owned by the Saudi Electricity Company was established and launched. Its tasks and responsibilities include electricity transmission in the Kingdom of Saudi Arabia and the operation, control, and maintenance of the electrical grid. During that year, two more business lines were introduced: Engineering and Projects Management, and Supply Chain business lines.
In March 2014, the Board of Directors approved the organizational structure of the Energy Trading & New Ventures business line which will supervise the trade relations organized for the Saudi Electricity Company with electric power producers and major consumers. Its new organizational structure will commence work before the end of the year as per agreement with the Electricity and Cogeneration Regulatory Authority (ECRA).
Currently, extensive work is in progress to complete the restructuring project in compliance with the directions of the Board of Directors for bringing in strategic partners of world-class service experiences in the field of electric power production and distribution.