State Electric Company Limited (STELCO)

2024

Industry Champions of the Year

State Electric Company Limited (STELCO)

Industry Champions of the Year

2024

ABOUT STATE ELECTRIC COMPANY LIMITED (STELCO)

Powering the Future

“STELCO is driving innovation for a sustainable energy future.”

State Electric Company Limited, known as STELCO, was established to meet the growing energy demands of the Maldives. With its headquarters located in Malé, STELCO has become a vital player in providing reliable electricity services across the country’s islands and tourism sector. Over the years, the company has evolved from a traditional power supplier to a multifaceted energy leader, implementing innovative strategies that align with national goals for sustainability, renewable energy integration, and environmental responsibility.

STELCO operates the largest power grid network in the Maldives, serving over 60,000 customers across the capital and surrounding atolls. Its workforce of over 1500 employees includes the highest number of engineers across multiple disciplines in the country, ensuring the technical expertise needed to deliver uninterrupted services. Beyond conventional energy production, the company has prioritized renewable energy, positioning itself as the largest provider of sustainable energy in the nation. STELCO has implemented advanced technologies such as Solar PV Systems, Battery Energy Storage Systems (BESS), and an Energy Management System (“EMS”) to enhance operational efficiency while reducing dependence on fossil fuels.

The company’s competitive edge lies in its proactive adoption of emerging trends, particularly in renewable energy and electric transportation. Under its current leadership, STELCO has introduced electric motorcycles as well as electric vehicle (“EV”) charging infrastructure and expanded its portfolio to include solar panels and advanced power systems. This diversification not only increases revenue streams but also strengthens STELCO’s position at the forefront of clean energy initiatives. Its business strategy integrates sustainability into operations, reflecting a long-term vision to meet both financial objectives and environmental goals. Additionally, STELCO aims to generate 33% of its energy mix from renewable sources by 2028, further contributing to the Maldives’ transition towards greener energy solutions.

STELCO’s commitment to innovation is reflected in its modernized business center, where customers engage with services and products in a showroom-style environment. This transformation not only improves customer experience by providing transparent and accessible information about solar panels, electric vehicle systems, and other energy solutions but also streamlines service delivery. In addition, the introduction of Advanced Metering Infrastructure (AMI) transformed the utility management for the customers. With AMI, customers can monitor their energy usage in real-time through a seamless customer portal or mobile app, giving them absolute control over consumption and expenses —ensuring satisfaction while promoting transparency of service. Notably, the company’s SCADA system plays a pivotal role in ensuring real-time fault detection across its powerhouses, enabling STELCO to maintain exceptional service standards despite the logistical complexities presented by the Maldives’ widely dispersed islands.

The company actively invests in its employees, fostering a culture of continuous learning through platforms like the STELCO Knowledge Hub. This initiative not only builds internal capabilities but also aligns personal development with the company’s strategic objectives. With a focus on attracting and retaining top talent, STELCO offers competitive salaries and promotes career advancement through training, mentorship, and leadership programs. Recognizing the importance of gender equality, the company has implemented initiatives to support female employees, broadening the scope of opportunities within the organization.

Strategic partnerships with local government, startups, and NGOs further enhance STELCO’s ability to stay ahead of industry trends and address community needs. Through collaborative efforts, the company has introduced EV charging stations powered by renewable energy, supporting sustainable transportation solutions in the Greater Malé region. These partnerships also play a crucial role in driving research and development, allowing STELCO to explore alternative energy sources, including wave energy and micro wind technologies, which have the potential to revolutionize the local energy landscape.

STELCO’s financial prudence and operational excellence ensure that it remains a stable and reliable entity within the Maldivian energy sector. The company’s track record of meeting all financial commitments without defaults reinforces its reputation for trustworthiness and sound governance. This blend of innovation, technical expertise, sustainability, and strategic collaboration positions STELCO as a leading force in the energy sector, continuously evolving to meet the dynamic demands of the industry it serves.

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YOUNG ENTREPRENEUR OF THE YEAR

BY INVITATION ONLY
This award recognises an entrepreneur who is 40 years or below and has shown exceptional business performance, having built a name for themselves regardless of boundaries that may come with age. He/she embodies fine values, strong beliefs and unwavering dedication in their entrepreneurial pursuit, thus serving as an inspiration for aspiring young leaders.