MUSCAT: Majority state-owned Oman Electricity Transmission Company (OETC), the sole owner and operator of Oman’s power transmission grids, has pledged to invest in the development of a national smart transmission grid by 2030.
The announcement comes amid a commitment by the Omani government to harness renewable resources to power the nation’s transition towards a sustainable, low-carbon energy future. Key to achieving this goal is a major interconnection project currently being spearheaded by OETC to connect the two distinct grids in the north and south of the country into one integrated national grid.
“I am pleased to inform you that Oman Electricity Transmission Company (OETC) has announced its new vision of achieving a ‘World Class Smart Transmission Grid by 2030’,” said Eng Saleh Nasser al Rumhi (pictured), CEO – OETC.
“Our new vision reflects our aspiration to stay at the forefront of the rapidly evolving landscape of smart electricity grids. We aim to leverage the benefits of these grids to efficiently manage the transmission system and enhance the reliability and resilience of the main grid. We believe that this initiative will position OETC as a leader in the industry and enable us to offer world-class services to our customers,” he added in the company’s newly published 2022 Annual Report.
OETC’s financial and operational performance in 2022 was positive overall. Revenues from grid usage and connection charges climbed 9.8 per cent to RO 143.33 million in 2022, up from RO 130.51 million a year earlier, the grid operator noted in its Annual Report. As a result, total profit grew 7.5 per cent to RO 77.67 million, up from RO 72.24 million in 2021. Net profit after tax jumped 17.5 per cent to RO 43.64 million in 2022, compared to RO 37.15 million a year earlier.
Importantly, the carrying value of OETC (encompassing the value of property, plant and machinery assets) soared 9.2 per cent to RO 1.516 billion at the end of 2022, compared to RO 1.389 billion a year earlier.
Contributing to this uptick were about RO 60 million worth of new projects, including a number of major grid stations that were completed in 2022 – initiatives designed to ensure that the transmission system has the “capacity and readiness to handle the rising demand for electricity throughout Oman”, said OETC. It noted that funding for these projects was secured through a local financing loan of RO 90 million arranged during the year.
Underscoring electricity demand growth across the network last year, OETC recorded maximum demand in the Main Interconnected System of 6,798 MW during the summer of 2022, up from 6,637 MW during 2021, representing a load growth of 2.43 per cent. In the Dhofar System, the maximum demand was 642 MW in 2022, compared to 568 MW a year earlier, representing a load growth of 13.03 per cent.
The State Grid Corporation of China (SGID), among the largest public utilities in the world, is a key shareholder in OETC with a 49 per cent stake. Omani government-owned Nama Holding – part of Oman Investment Authority (OIA), holds the balance 51 per cent stake in the company.
Oman Observer is now on the WhatsApp channel. Click here
