Managing director of State Electric Company Limited (STELCO) Ahmed Zuhoor revealed that a total of MVR 4 billion has been invested from the state budget in the past three years, to provide electricity to the whole nation.
Speaking on PSM News show "Zimma", Managing Director of STELCO Ahmed Zuhoor highlighted on the work carried out by the current administration in the country. Zuhoor revealed that STELCO, which had assets worth MVR 2 billion three years ago, now boasts twice the amount. He attributed the growth to work carried out during the past three years of the current administration.
Zuhoor revealed that with state funding, STELCO has provided many atolls with the same power generation capacity as that of Male'. STELCO has also been working on the provision of its services to the public at a lower cost and under this objective, President Abdullah Yameen Abdul Gayoom has reduced electricity tariffs by 20%.
He further highlighted that under the objective of providing consistent and affordable electricity, a 50 megawatt power plant has been established at Hulhumale'. Zuhoor stated that there is a great need of expanding the electricity capacity of Hulhumale' before the completion of Phase II of the Hulhumale' Development Project. Zuhoor revealed that plans to establish a backup generator system to withhold the excess power required to be delivered to the China-Maldives friendship bridge, which would join Male' and Hulhumale', are being executed.
Answering questions posed by the public, the Managing Director of STELCO emphasized that the company was facing an annual loss of approximately 60 million annually when he took the reins, but in the last three years STELCO has been witnessing high-end outcomes of developmental work of the current administration.
In the closing statement Zuhoor revealed that after the completion of the 50 megawatt power plant in Hulhumale', a 25 megawatt power plant is all set to be established at the industrial village in the capital city of Male', in order to provide consistent and uninterrupted electricity supply.