State Electric Company Limited (STELCO) has revealed the current goal is to achieve the government's net-zero target and reduce its operating costs by minimising its dependence on fuel. STELCO made the announcement at its Annual General Meeting (AGM) 2021.
During the meeting, discussions were held on the progress made in the past year, financial statements, and the future. As such, the utility company noted its financial momentum has been maintained despite the COVID-19 pandemic and the economic slowdown among other various challenges. In addition, STELCO has provided various assistance to the government and the people during the difficult times of COVID-19. The budget for 2023 was also presented at the AGM.
During the meeting, STELCO said its current goal is to achieve the government's net-zero target, minimise its dependence on fuel, and reduce its operating costs. It also aims to turn 35% of the energy used in its grid into renewable energy. STELCO will also focus on diversifying its business, expanding its sales center and service centre, exploring more opportunities, and reducing electricity tariffs with the profits.
Furthermore, STELCO announced a 70MW power plant will be set up as the Sixth Power Development Project to increase electricity capacity. In addition, the Greater Male' Interconnection Grid will connect Male', Villimale, Thilafushi, and Gulhifalhu in a single grid.
At the AGM, Managing Director Ahmed Shareef thanked the government and especially President Ibrahim Mohamed Solih for the cooperation in the work of STELCO.