Royal decree pardons Saudi electricity from paying 2% of municipalities power consumption
Saudi Electricity Company(SEC) (5110.SE) received an official letter from the Electricity and Cogeneration Regulatory Authority of a royal decree comprising that the company should no longer pay 2% of the electricity consumption revenues to municipalities, which included pardoning the Company from paying its outstanding dues to municipalities. Accordingly, the decree will result in bringing down the outstanding balance in 2016 of current liabilities by SAR6.1bn, which will be included as nonrecurring revenue in the statement of comprehensive income in 2017. The decree would thereafter cut operating expenses by 2% per annum relating to municipalities power consumption.
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