9 Billion SAR Smart Meters Project by Saudi Electricity Company signed. The Saudi Electricity company signed a local co-financing agreement worth 9 billion Saudi Riyals with 7 major banks in the Kingdom. More details below.
9 Billion SAR Smart Meters Project by Saudi Electricity Company
Fahad Al-Sudairy, CEO of Saudi Electricity Company explained that the financing is part of comapny’s plan to finance it s general purposes and capital projects. And the most important of which is the smart meters project, improving network reliablity and linking new projects.
WHAT IS A SMART METER?
“A smart meter is the next generation of a gas and electricity meter. Smart meters measure how much gas and electricity you’re using, as well as what it’s costing you and display this on a handy in-home display.” The meter reading shows the actual usage and users will known how much will be the cost.
The plan is to install ten million smart meters before the end of March 2021.
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