Saudi Electricity Company(SEC) (5110.SE) will embark on a new strategy that aims at cutting capital expenditure for its projects by 25% over the coming five years through spending efficiency, according to the company’s deputy CEO for engineering and projects, Saleh Al-Suhaibani. Al Suhaibani added that SEC has managed to obtain competitive prices for the solar part of the recently signed Waad Al Shamal project, compared to what global and regional peers paid to develop projects with similar technology. The project will be completed within 34 months (first unit to start operations in December 2017). SEC had earlier in December 2015 singed a deal for the development of a combined cycle power plant in Waad Al Shamal with a total capacity 1,390 megawatt (of which 50 MW solar energy) for SAR3.68 billion. (Argaam, Mubasher)