{"id":4945,"date":"2022-12-27T14:00:15","date_gmt":"2022-12-27T09:00:15","guid":{"rendered":"https:\/\/mbt.mv\/?p=4945"},"modified":"2022-12-27T14:00:15","modified_gmt":"2022-12-27T09:00:15","slug":"stelco-hosts-annual-general-meeting-2021","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=4945","title":{"rendered":"STELCO hosts Annual General Meeting 2021"},"content":{"rendered":"<p>State Electric Company (STELCO) hosted its Annual General Meeting 2021 on Monday, 26 December 2022.<\/p>\n<p>At the AGM, the company focused on commercial achievements and highlights, financial performances and its review as well as discussions of STELCO&#8217;s prospects.<\/p>\n<p>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.<\/p>\n<p>Additionally to this, STELCO submitted annual budget for 2023 at the meeting. STELCO confirms its 2023 budget will be a surplus one.<\/p>\n<h4>Current Vision<\/h4>\n<ul>\n<li>Achieve net-zero emissions<\/li>\n<li>Reduce dependency and expenditure on conventional fuel<\/li>\n<li>Reduce operational expenditure<\/li>\n<li>Ensure 35% of the company&#8217;s power output on its grid is produced through renewable energy sources, with subsequent increment of renewable energy solutions<\/li>\n<li>Explore other alternative energy solutions<\/li>\n<li>Diversification of STELCO&#8217;s business model<\/li>\n<li>Expand businesses of both STELCO&#8217;s service and sales centers<\/li>\n<li>Explore other business activities<\/li>\n<li>Reduce electricity tariffs<\/li>\n<\/ul>\n<h4>Planned Initiatives<\/h4>\n<ul>\n<li>Sixth power development project: introduction of a new 70 mega-Watt power plant to increase power output capacity<\/li>\n<li>Phase 2 of Greater Male&#8217; Interconnectional Grid: STELCO will abridge the connections gaps between Male&#8217;, Vilimale&#8217;, Thilafushi and Gulhifalhu<\/li>\n<li>Energy Management System development: STELCO partnered up with Finland&#8217;s innovative and lifecycle solutions provider W\u00e4rtsil\u00e4 towards the installation of the system that will reduce technical hindrances<\/li>\n<\/ul>\n<p>STELCO further announced appointing Crowe Maldives as the company&#8217;s external auditor for the next fiscal year.<\/p>\n<p>One of the major improvements of utility service provider in 2021 was a 30% improvement of its System Average Interruption Duration Index (SAIDI). STELCO&#8217;s System Average Interruption Frequency Index (SAIFI) improved by 26%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s prospects. Despite global economic woes, fuel price hikes amid the Russia-Ukraine conflict earlier this year and the Covid-19<\/p>\n","protected":false},"author":4,"featured_media":4946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423],"tags":[104,1975,1985,1986,1988,2249,2251],"class_list":{"0":"post-4945","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-annual-general-meeting","9":"tag-state-electric-company-limited","10":"tag-stelco","11":"tag-stelco-annual-general-meeting","12":"tag-stelco-md-ahmed-shareef","13":"tag-utilities","14":"tag-utility-companies"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>STELCO hosts Annual General Meeting 2021 - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=4945\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STELCO hosts Annual General Meeting 2021 - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"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&#8217;s prospects. Despite global economic woes, fuel price hikes amid the Russia-Ukraine conflict earlier this year and the Covid-19\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mbt.mv\/?p=4945\" \/>\n<meta property=\"og:site_name\" content=\"Maldives Business Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/mvbiztimes\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-27T09:00:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mbt.mv\/wp-content\/uploads\/2022\/12\/viber_image_2022-12-26_16-19-45-003-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"813\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mohamed Reehaan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:site\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohamed Reehaan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mbt.mv\/?p=4945#article\",\"isPartOf\":{\"@id\":\"https:\/\/mbt.mv\/?p=4945\"},\"author\":{\"name\":\"Mohamed Reehaan\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2\"},\"headline\":\"STELCO hosts Annual General Meeting 2021\",\"datePublished\":\"2022-12-27T09:00:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mbt.mv\/?p=4945\"},\"wordCount\":283,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mbt.mv\/#organization\"},\"image\":{\"@id\":\"https:\/\/mbt.mv\/?p=4945#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mbt.mv\/wp-content\/uploads\/2022\/12\/viber_image_2022-12-26_16-19-45-003-1.jpg\",\"keywords\":[\"Annual General Meeting\",\"State Electric Company Limited\",\"STELCO\",\"STELCO Annual General Meeting\",\"STELCO MD Ahmed Shareef\",\"Utilities\",\"Utility Companies\"],\"articleSection\":[\"BUSINESS\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mbt.mv\/?p=4945#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mbt.mv\/?p=4945\",\"url\":\"https:\/\/mbt.mv\/?p=4945\",\"name\":\"STELCO hosts Annual General Meeting 2021 - 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