SEC's customer base increased by 2.7% to 11.3 million in 2024, with its electricity production surging by 7.5% to 236.4 TWh. In February 2025, the company signed a power purchase agreement for the Qurayyah IPP Expansion Project, a 3,010 MW gas power plant valued at $3.6 billion. In the same month, the SEC raised $2.75 billion through a dual-tranche Sukuk, listed on the London Stock Exchange. It also announced settling $1.5 billion in historical obligations to the state. PIF owns 74.3% of the company while Saudi Aramco holds a 6.9% stake.