Saudi Energy

What Saudi Energy does

Saudi Energy Company (formerly Saudi Electricity Company, rebranded February 2026) is Saudi Arabia's national, vertically integrated electricity utility, headquartered in Riyadh and listed on the Saudi Stock Exchange (Tadawul: SEC) under the controlling ownership of the Public Investment Fund (74.31% stake). Founded in 1959, the company serves over 11.5 million residential, commercial, industrial, and government customers through generation, high-voltage transmission, and distribution infrastructure spanning all regions of Saudi Arabia. Its generation footprint is anchored by long-term Power Purchase Agreements with the Saudi Power Procurement Company, most notably a SAR 11.5 billion ($3.07 billion), 31-year PPA for the 2,313.5 MW Rabigh 2 IPP expansion co-developed with Acwa Power. In 2025 the company activated the world's largest grid-side grid-forming battery energy storage system at 2.5 GW capacity using BYD battery technology across five locations, supporting grid stability during peak demand periods including the Hajj pilgrimage season. The company rebranded to "Saudi Energy" to signal expansion beyond traditional electricity into battery storage, EV charging infrastructure (via the EVIQ joint venture targeting 5,000 stations by 2030), and AI-enabled grid management.

Saudi Energy's technology stack combines grid-forming battery storage, IoT-enabled real-time transformer monitoring, and a portfolio of more than 60 AI-based load forecasting models supplemented by a locally developed "Musaed" AI assistant for operational decision-making. A strategic joint venture with Kraken Technologies (spun off from Octopus Energy at ~$9 billion valuation) grants exclusive MENA rights to deploy Kraken's AI-enabled utility operating system for modernization of generation, transmission, and distribution operations. Revenue is generated primarily through regulated electricity tariffs and long-term PPAs (FY2025 revenue of SAR 102 billion, up 15% year-on-year, with net profit nearly doubling to SAR 13 billion). The company complements regulated utility revenue with infrastructure services including engineering, procurement, and construction contracts (notably a SAR 314.5 million end-user device contract with Anmat Technology running to June 2028) and a transformer replacement program in Riyadh and Al Kharj. Capital structure is supported by multi-billion-dollar debt facilities from Saudi, regional, and international financial institutions, with the Public Investment Fund's sovereign backing providing low-cost, long-dated capital aligned with Vision 2030 infrastructure objectives.

Name

Saudi Energy

Legal name

Saudi Energy Company

Website

https://se.com.sa

Company type

Public

Founded year

1959

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Saudi Energy is Saudi Arabia's national, vertically integrated electricity utility serving over 11.5 million customers across generation, transmission, and distribution. Majority-owned by the Public Investment Fund, it operates the world's largest 2.5 GW grid-forming battery storage system and is expanding into EV charging and AI-enabled grid management.

Ownership category

akta.pro rank

Product category

Electric Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111), Electric Power Transmission, Control, and Distribution (22112)

SIC

Electric Services (4911)

akta.pro primary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

akta.pro secondary industries

Ancillary Services Aggregation & Bidding Optimization (DER/VPP participation) (EUAFALAJ), Home Energy & EV Charging (HEMS, Smart Meters, Batteries, Chargers) (HSAPAQAF)

Keywords

• Electricity generation
• Power transmission distribution
• Grid energy storage
• Smart grid operations
• Utility infrastructure services

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Electricity Generation, Transmission & Distribution: Core regulated utility operations covering electricity generation, high-voltage transmission, and distribution to over 11.5 million customers across Saudi Arabia. Revenue driven by regulated tariffs and long-term power purchase agreements.
2. Power Purchase Agreements (PPAs): Long-term power purchase agreements for generation capacity including Rabigh 2 IPP expansion ($3.07 billion PPA) and other power plant projects.
3. Infrastructure Services & Contracts: Engineering, procurement, and construction services, end-user device supply and installation, transformer maintenance and replacement through contractor agreements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Saudi Energy generates, transmits, and distributes electricity to over 11.5 million residential, commercial, and industrial customers across Saudi Arabia through a vertically integrated state-owned utility. The company is expanding into broader energy infrastructure including the world's largest 2.5 GW grid-forming battery energy storage system, AI-enabled smart grid operations (via the Kraken platform joint venture), and EV charging infrastructure (via the EVIQ joint venture with the Public Investment Fund).

Product overview

Saudi Energy (formerly Saudi Electricity Company) operates as Saudi Arabia's national utility provider serving over 11.5 million customers. The company offers a comprehensive energy portfolio centered on electricity generation, transmission, and distribution infrastructure. Core offerings include large-scale power generation plants (e.g., 2,313.5 MW Rabigh 2 IPP), grid-scale battery energy storage systems (2.5 GW across five locations), and smart grid technologies with AI-enabled monitoring and predictive analytics. Supporting services include end-user device management, transformer replacement programs, and distribution network maintenance. A strategic joint venture with Kraken Technologies provides an AI-enabled utility operating system for grid modernization. The EVIQ joint venture (with PIF) manages EV charging infrastructure. The company is expanding from traditional electricity into comprehensive energy solutions aligned with Vision 2030.

Differentiator

Problem solved

Functional benefit

Products and services

• Grid-Side Grid-Forming Battery Energy Storage System World's largest grid-side grid-forming battery energy storage system with 2.5 GW total installed capacity across five Saudi Arabian locations, used for grid stability, renewable integration, and peak demand management for residential, commercial, and industrial customers.
• Rabigh 2 IPP Expansion Project 2,313.5 MW greenfield combined-cycle gas turbine power plant in Makkah province co-sponsored with ACWA Power under a 31-year $3.07 billion PPA, including carbon capture readiness and 380kV substation expansion. Provides baseload generation capacity to the national grid.
• Kraken AI-Enabled Utility Operating System AI-enabled utility operating system platform deployed through a joint venture with Kraken Technologies, modernizing electricity generation, transmission, and distribution operations for Saudi Energy's 11.5 million customers across the MENA region.
• EVIQ Electric Vehicle Charging Network State-backed EV charging infrastructure company (joint venture between PIF and Saudi Energy) deploying public EV charging stations across Saudi Arabia, targeting 5,000 stations aligned with the Kingdom's 30% EV adoption goal by 2030.
• End-User Device Replacement and Expansion Project

Quantifiable outcome

• 15% year-on-year revenue increase to SAR 102 billion in 2025
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• Anmat Technology for Trading Co.minorImplementation/ SI/ Consulting Partner · 23 June 2026SAR 314.5 million contract for supply, delivery, installation, and commissioning of end-user devices with asset management services through multiple purchase orders until June 30, 2028.
• Rawasi Albina Investment Co.minorImplementation/ SI/ Consulting Partner · 17 June 2026Contract awarded for transformer replacement work in Riyadh and Al Kharj regions valued at SAR 54 million. Also framework agreement for distribution network installation and maintenance in Qassim region with SAR 36.3 million ceiling value.
• BYD Energy StoragecoreTechnology or Integration · 6 June 2026Supply of advanced battery technology for the world's largest grid-forming BESS at 2.5 GW capacity across five locations in Saudi Arabia. BYD provides the core battery technology enabling grid-side energy storage at scale.
• Alfanar ProjectscoreImplementation/ SI/ Consulting Partner · 6 June 2026Engineering, procurement, and construction (EPC) contractor for all five Phase III Energy Storage Program projects. Delivered projects within record timeframe as benchmark for large-scale energy storage deployment globally.
• Acwa PowercoreStrategic or Co-development Partner · 16 April 2026Co-sponsor of Rabigh 2 IPP expansion project with 40% equity stake each. Joint development of 2,313.5 MW combined-cycle gas turbine plant with carbon capture readiness.
• Saudi Power Procurement CompanycoreChannel Partner/ Reseller/ Distributor · 16 April 2026State offtaker for Rabigh 2 IPP expansion under $3.07 billion (SAR 11.5 billion) power purchase agreement. Primary revenue channel for generation capacity.
• Kraken Technologies (Octopus Energy subsidiary)coreTechnology or Integration · 15 April 2026Joint venture to deploy Kraken's AI-enabled utility operating system exclusively across the MENA region, with Saudi Energy acquiring a minority strategic equity stake in Kraken. Enables modernization of electricity generation, transmission, and distribution operations serving 11.5+ million customers. Kraken spun off from Octopus Energy at nearly $9 billion valuation.
• UL SolutionsminorStrategic or Co-development Partner · 18 December 2025MoU collaboration on fire safety training, testing, and certification to improve public safety and reduce fire risks in Saudi Arabia's electricity infrastructure.
• EVIQ (Electric Vehicle Infrastructure Co.)coreStrategic or Co-development Partner · 17 November 2025Joint venture between Public Investment Fund and Saudi Electricity Co. for EV charging infrastructure. State-backed initiative targeting 5,000 charging stations to support Saudi Arabia's 30% EV adoption goal by 2030. Partnerships with Lucid and Ceer.
• National Additive Manufacturing and Innovation Company (NAMI)minorStrategic or Co-development Partner · 23 October 2025Strategic investment in NAMI through agreement involving Dussur and 3D Systems to accelerate industrial transformation focusing on additive manufacturing and digital supply chain innovations in the energy sector.
• WiprocoreImplementation/ SI/ Consulting Partner · 25 July 2025Multi-year contract to implement Smart Meter Data Management system for transmission network. Aims to improve grid stability, operational efficiency, and cost reduction through real-time data and intelligent forecasting.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• National Grid plc: Vertically integrated electricity transmission and distribution operator in the UK and US; comparable in business model (regulated wires + system operator) and in the technology transformation of legacy utility assets, though in mature Western markets.
• Korea Electric Power Corporation (KEPCO): Vertically integrated state-owned Korean utility and a stated technology partner of Saudi Energy (via NeuralD AI inspection). Comparable as a large national utility with significant generation, T&D, and an export-oriented technology arm.
• Iberdrola: Global integrated utility with major renewable, grid, and customer-business operations; comparable as a benchmark for AI/digital grid transformation at scale and the BESS-as-grid-asset business model Saudi Energy is pursuing.
• Enel SpA: Italian-headquartered global integrated utility with large renewable and digital-grid programs; comparable on the digitalization-of-utility-ops and smart-meter data themes (e.g., Wipro/Enel-style AMI rollouts).
• EDF (Électricité de France): French state-majority integrated utility with large nuclear and renewables fleets; comparable as a global benchmark for state-controlled utility economics, large BESS integration, and regulated-tariff-plus-state-backing structure.

Regional players

• ACWA Power: Saudi Arabia-based power generation and desalinated water developer; co-sponsor with Saudi Energy on the Rabigh 2 IPP. Highly comparable on generation-mix, regional customer base, and IPP/PPA structure, though focused on greenfield development rather than grid operation.
• Qatar General Electricity & Water Corporation (KAHRAMAA): State-owned national utility of Qatar supplying electricity and water; closely comparable as a GCC national utility with similar regulatory, demographic, and summer-peak demand drivers, though in a smaller market.
• Emirates Water and Electricity Company (EWEC): UAE's primary offtaker and planner for electricity and water in Abu Dhabi; comparable as a Gulf national utility with similar demand-growth, gas-to-solar transition, and state-offtaker commercial structure.
• Dubai Electricity and Water Authority (DEWA): UAE (Dubai) state-owned integrated electricity and water utility, publicly listed on DFM; directly comparable in business mix, summer-cooling demand profile, and digital/renewables transformation playbook.

Emerging players

• Octopus Energy (Kraken parent): UK-based energy retailer whose Kraken platform is being deployed by Saudi Energy via JV; comparable as the technology and operating-system reference architecture for Saudi Energy's grid modernization program.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/alkahraba
• Facebookfacebook.com/alkahraba
• LinkedInlinkedin.com/company/saudielectricity

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds8 records

Investors41 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Saudi Energy