State Electric Company (STELCO) hosted its Annual General Meeting 2021 on Monday, 26 December 2022.
At the AGM, the company focused on commercial achievements and highlights, financial performances and its review as well as discussions of STELCO’s prospects.
Despite global economic woes, fuel price hikes amid the Russia-Ukraine conflict earlier this year and the Covid-19 pandemic before that, the company showed resilient performance. Moreover, STELCO was at the forefront of serving the community and extend assistance to the government during the pandemic.
Additionally to this, STELCO submitted annual budget for 2023 at the meeting. STELCO confirms its 2023 budget will be a surplus one.
Current Vision
- Achieve net-zero emissions
- Reduce dependency and expenditure on conventional fuel
- Reduce operational expenditure
- Ensure 35% of the company’s power output on its grid is produced through renewable energy sources, with subsequent increment of renewable energy solutions
- Explore other alternative energy solutions
- Diversification of STELCO’s business model
- Expand businesses of both STELCO’s service and sales centers
- Explore other business activities
- Reduce electricity tariffs
Planned Initiatives
- Sixth power development project: introduction of a new 70 mega-Watt power plant to increase power output capacity
- Phase 2 of Greater Male’ Interconnectional Grid: STELCO will abridge the connections gaps between Male’, Vilimale’, Thilafushi and Gulhifalhu
- Energy Management System development: STELCO partnered up with Finland’s innovative and lifecycle solutions provider Wärtsilä towards the installation of the system that will reduce technical hindrances
STELCO further announced appointing Crowe Maldives as the company’s external auditor for the next fiscal year.
One of the major improvements of utility service provider in 2021 was a 30% improvement of its System Average Interruption Duration Index (SAIDI). STELCO’s System Average Interruption Frequency Index (SAIFI) improved by 26%.