Article

Saudi Electricity Company has signed a $1.4 billion Energy Conversion Agreement with Saudi Power Procurement Company for the expansion of the Rabigh 1 power plant, which will feature a 1,179-megawatt combined-cycle gas turbine. The project, set to be developed and operated by SEC for 25 years, aims to address rising electricity demand while supporting the Kingdom's sustainability initiatives, including carbon capture readiness. Financial impacts are anticipated to begin in Q2 2027.