STELCO on becoming a trusted company
Since its inception, the company has come a long way, and they recently celebrated their 25th anniversary.
Source: STELCO
Established in 1949, the State Electric Company Limited (STELCO) is a wholly owned state enterprise. Before settling on its current name, "state electric company" in 1997, the company had previously operated under five distinct names following its founding.
According to STELCO, the corporation strives to establish a connection between individual behaviors and energy usage with the aim of "raising awareness on saving energy." Since its inception, the business has come a long way, and they recently celebrated their 25th anniversary.
The Vice President of the Maldives, Faisal Naseem, graced the ceremony as Chief Guest, and the company's Managing Director, Ahmed Shareef, addressed the gathering. Ahmed Shareef, who previously also headed the state owned utility company, Fenaka Corporation, was also former President of the Elections Commission before being appointed Managing Director of STELCO in March 2022.
After the company reported a profit of MVR 61.8 million, it came under intense scrutiny from its customers, who allege that the company has been overcharging for electricity. Addressing these claims during the event, Shareef stated that the company is focused on working towards making STELCO a company that is trusted by its customers as he ensures that the consumers are not being over-charged. According to Shareef, STELCO has been carrying out some of their operations such as supplying sewage services and energy in some islands at a loss.
In an effort to reduce losses of the company, STELCO has already begun initiatives like the Gulhifalhu solar PV project and the installation of solar PV to cater to 20 islands' 30 percent daytime peak load. During his speech the Managing Director also added that STELCO should collaborate with private companies in order to reduce the reliance on government subsidies.
At this event, STELCO's rooftop solar project, "Avikatha," which would see the installation of solar panels in all of the powerhouses run by the company, was launched by the Vice President.
