The State Electric Company (STELCO) on Monday held its Annual General Meeting for 2021.
At the AGM, STELCO emphasised the company’s commercial achievements, financial performances, forecasts and discussed the company's future plans.
They also noted the continued growth and resilience of the company, despite the Covid-19 pandemic and the impacts of the Russia-Ukraine war, which had global economic repercussions. During the pandemic, STELCO offered leniency on bill payments and also provided support to the government.
One of the major highlights at the AGM was the improvement of the company's System Average Interruption Duration Index (SAIDI) by 30 percent, while its System Average Interruption Frequency Index (SAIFI) rose by 26 percent.
STELCO presented its annual budget for 2023, which it said is a surplus budget.
- Achieve net-zero targets - Reduce dependency and expenditure on fuel - Reduce the company’s operational expense - Ensure 35 percent of STELCO’s power output is renewable energy based - Increase renewable energy solutions - Diversification of the company’s business and venture into new business areas - Expand businesses of both service and sales centers - Reduce electricity tariffs
- Sixth power development project: STELCO will introduce a new 70 mega-Watt power-plant to increase output capacity in the Greater Malé region - Phase 2 of Greater Malé Interconnectional Grid: the utility provider will bridge connectivity gaps between Malé, Vilimalé, Thilafushi and Gulhifalhu. - Energy Management System: STELCO has partnered up with Finland’s energy and technological solutions provider Wärtsilä to develop and deploy a system that will reduce technical malfunctions in utility services.
Additionally, STELCO announced the appointment of Crowe Maldives as its new external auditor.
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