State Electric Company (STELCO) held its 2021 Annual General Meeting on Monday, December 26.
The utility provider’s main focus at the meeting was on commercial achievements and highlights, financial performances and their review, announcement of the following year’s budget, and the company’s prospects.
STELCO remained resilient amid the Covid-19 pandemic, providing essential services to the public. Additionally, the company faced economic woes due to the Russia-Ukraine war, which led to a surge in global oil prices.
A notable improvement for the company was its System Average Interruption Duration Index (SAIDI) increment to 30%, and a 26% increment in its System Average Interruption Frequency Index (SAIFI).
According to STELCO, the announced annual budget for the next year is a surplus budget.
- Achieve net-zero targets
- Reduce dependency on fuel
- Reduce operational costs
- Ensure the company’s total energy output consists of 35% harnessed from renewable energy sources
- Increase renewable energy options
- Diversify, expand and explore new business areas
- Expand businesses of both services and sales centers
- Reduce electricity tariffs
- Sixth power development project: introduction of a new 70 mega-Watt powerplant to increase the power output ratio
- Phase 2 of the Greater Male’ Interconnectional Grid: STELCO will bridge the connectivity gaps between Male’, Vilimale’, Thilafushi and Gulhifalhu
- Energy Management System: STELCO has partnered with Finland’s tech and energy solutions provider Wärtsilä to install the system which will reduce the utility provider’s technical malfunctions