2022
Year
Net profit of MVR 75.1 million, as restated in the 2023 audited statements.
Result
Profit
Entity dossier · State-owned enterprise
STELCO
State-owned electricity utility, Malé
stelco.com.mv (opens in a new window)
STELCO supplies electricity to the capital region, where most Maldivians live, and is now expanding to the rest of the country. Its incorporation, ownership, board and audited results are documented in government records and the Auditor General's filings. Its current generating capacity, the subsidy it receives, and the timetable for absorbing Fenaka have not been published.
- Legal form
- State-owned company, 1997
- Origins
- Origins in 1949
- Managing Director
- MD: Dr Ali Azwar
- Service area
- 61 islands (April 2026)
- 2025 result
- MVR 239m profit (2025)
- Staff
- 1,840 staff (Q2 2024)
Reviewed · Every claim carries an evidence grade and numbered sources Research pass of 27 September 2026. Checked on 27 September 2026 by script and browser: every remaining link loads, and every figure, date and name is in at least one source it cites. Three sources that could not be reached, or did not show what they were cited for, were dropped with the claims that rested on them. linkChecked stays blank until a person has opened each link. STELCO's Annual Reports 2024 and 2025 and the PCB Q1 2025 review were not read; figures from them are not used. Founding date is the date of incorporation (19 June 1997); the company dates its origins to 1949. Island coordinates are approximate. Procurement staff names and one political allegation are withheld.
01Snapshot
What STELCO is
The state electricity company of the capital region, now becoming the national utility.
State Electric Company Limited (STELCO) is the wholly government-owned company that generates and distributes electricity in Greater Malé and a growing number of islands. On 7 September 2026 the government announced that Fenaka Corporation will be dissolved and its services transferred to STELCO, which would make STELCO the national electricity utility.
Legal form
A company incorporated under the Companies Act 1996 by presidential decree on 19 June 1997. The government holds all shares.
Origins
The company dates its origins to 1949, when a 14 kW plant served 50 homes in Malé. It was renamed Maldives Electricity Board in 1982 and took its present name in 1997.
Managing Director
Dr Ali Azwar, appointed by the Privatization and Corporatization Board (PCB) on 28 April 2026, after serving as interim head from 11 January 2026.
As of 27 Sept 2026
Service area
61islands (April 2026)
Greater Malé and islands in four other atolls, plus Baa, Lhaviyani and Meemu atolls, transferred from Fenaka in April 2026. The Edition reported that this brought STELCO to 61 islands.
As of 24 Apr 2026
2025 result
MVR 239 mprofit (2025)
Profit of MVR 239 million on revenue of about MVR 3.3 billion, up from MVR 181 million in 2024, according to the Auditor General's report as reported by two outlets. STELCO paid a dividend of MVR 143 million to the government.
As of 31 Dec 2025
Staff
1,840staff (Q2 2024)
1,840 employees in the second quarter of 2024, according to the PCB.
As of 30 Jun 2024
Customers and plants
More than 80,973 customers, 35 power plants, 7 desalination plants and 5 sewerage networks, according to the company.
Regulator
The Utility Regulatory Authority, established in December 2020 under Law No. 26/2020, which replaced the Maldives Energy Authority.
Owed by the state
Government agencies and state-owned enterprises owed STELCO MVR 949 million at the end of 2025, up from MVR 774 million a year earlier.
As of 31 Dec 2025
Next
On 7 September 2026 the government announced that Fenaka Corporation will be dissolved and all its services transferred to STELCO. No implementation date has been published.
As of 7 Sept 2026
Also known as State Electric Company · State Electric Company Ltd · Maldives Electricity Board · STELCO Maldives · State Electric Company Limited
02The expansion
From the capital to every island
Since April 2026 the government has moved Fenaka's islands to STELCO. In September it announced that Fenaka itself will be dissolved.
How the responsibility has moved
- 1
2012: Fenaka is created
A presidential decree merged seven regional utility companies into Fenaka Corporation, responsible for utilities outside Malé.
- 2
August 2024: Fenaka becomes a subsidiary of STO
On Cabinet advice, His Excellency Dr Mohamed Muizzu, President of the Republic of Maldives, made Fenaka a wholly owned subsidiary of the State Trading Organization, with a stated policy of reassigning Fenaka staff rather than dismissing them.
- 3
April 2026: three atolls transferred to STELCO
Electricity, water and sewerage services in Baa, Lhaviyani and Meemu atolls were transferred from Fenaka to STELCO by decision of the President.
BaaLhaviyaniMeemu
- 4
June 2026: Meemu handover signed
The managing directors of STELCO and Fenaka signed the handover of seven Meemu islands: Dhiggaru, Kolhufushi, Madifushi, Muli, Naalaafushi, Raiymandhoo and Veyvah.
- 5
September 2026: Fenaka to be dissolved
At a press conference at the President's Office, the President announced that Fenaka will be dissolved and that STELCO will assume all its services and powerhouses.
- 6
September 2026: island surveys begin
STELCO sent survey teams to Addu City and Thinadhoo to assess the state of island electricity services before the transfer.
Addu CityThinadhoo
The dissolution has been announced but not yet implemented. The legal instrument, the timetable, and the terms for Fenaka's more than 8,000 staff have not been published.
Positions on the transfer, as reported
Supporting
- His Excellency Dr Mohamed Muizzu, President of the Republic of Maldives. Said technical experts had advised that Fenaka can no longer be operated sustainably, and referred to the Auditor General's findings on Fenaka as a reason for the change.
- Dr Ali Azwar, Managing Director, STELCO. Described the nationwide expansion as a very good decision that will give citizens satisfaction and peace of mind.
Concerns raised
- Maldivian Democratic Party (MDP), Opposition party. Raised concerns over the dismissal of Fenaka staff on islands transferred to STELCO, and claimed that downsizing of state-owned enterprises would cost 14,733 jobs. The figure is the party's own.
Not established by any source reviewed
- The date on which Fenaka's dissolution takes effect.
- The legal instrument for the dissolution and for STELCO's national mandate.
- How Fenaka's debts, assets and staff will be transferred.
- Whether the Utility Regulatory Authority will set a single national tariff.
03The accounts
Revenue, results and what the state owes
Audited results show a loss in 2023 and profits in 2024 and 2025, helped by the waiver of interest on government loans.
2025, according to the Auditor General's report as reported
- MVR 3.3bnRevenue
- MVR 239mProfit
- MVR 143mDividend to the government
- MVR 140mLoan repayments
STELCO's own Annual Report 2025 was published on 8 July 2026 but could not be read for this review; these figures come from press reports of the audit.
2022Restated in the 2023 audited statements
2023Audited
2024Auditor General's report, as reported
2025Auditor General's report, as reported
2022 and 2023 from the audited statements; 2024 and 2025 from press reports of the audit.
Results by year
2023
Year
Net loss of MVR 171.9 million on total revenue of MVR 2,703.9 million, of which electricity sales were MVR 2,577.2 million.
Result
Loss
2024
Year
Profit of MVR 181 million, according to press reports of the audit.
Result
Profit
2025
Year
Profit of MVR 239 million on revenue of about MVR 3.3 billion. The Maldives Independent reports that the Ministry of Finance stopped charging interest on several government loans from 2023, which reduced finance costs.
Result
Profit
The 2023 result: audited and stated
Auditor General's Office (audited statements) · Net loss, 2023
Hussain Fahmy, then Managing Director · Loss, 2023, as stated in November 2024
The audited figure is the reference figure. The Managing Director's figure may have been an unaudited or operating measure; the article does not say.
The 2024 result: audited and forecast
Auditor General's report, as reported · Profit, 2024
Hussain Fahmy, then Managing Director · Profit forecast for 2024, November 2024
The forecast was made six weeks before the year ended; the audited figure is higher.
Unpaid bills owed to STELCO by the state
Auditor General's report, as reported by The Edition · Owed by 19 ministries and SOEs, end of 2025
World Bank · Reportedly owed by government offices and SOEs, October 2025
Auditor General's report, as reported by The Edition · Owed at the end of 2024
The figures are for different dates and do not conflict. The largest debtor at the end of 2025 was the Ministry of Finance, at MVR 333 million, followed by Public Service Media at MVR 163 million.
What the auditor noted
Qualified opinion on the 2023 accounts
The auditor qualified its opinion on three matters: it could not observe the stock count at the Malé sales centre (MVR 70.9 million); there was no signed agreement or confirmation for an MVR 1.29 billion Ministry of Finance loan from 2009 for the fourth powerhouse; and the accounts did not reflect interest waived on MVR 768 million of loans from 1 January 2023.
The 2009 loan, again in 2025
The audit of the 2025 accounts again noted that the 2009 government loan has no signed agreement.
Borrowings
At 31 December 2023, borrowings were MVR 2,607.9 million non-current and MVR 309.9 million current, against total assets of MVR 6,281.0 million and equity of MVR 2,289.0 million.
04Reporting duties
What STELCO must report, and where it is published
As a state-owned enterprise, STELCO reports to the Privatization and Corporatization Board, is audited through the Auditor General, and must publish its core documents.
The obligations
Oversight body
The Privatization and Corporatization Act (2018) establishes the Privatization and Corporatization Board (PCB) to monitor and evaluate state-owned enterprises. The PCB appoints and removes STELCO's managing directors.
Annual report
The Corporate Governance Code for State Owned Enterprises, in force since 1 May 2019, requires an annual report with IFRS financial statements, signed by the chairperson, chief executive and chief financial officer, submitted to the PCB and the shareholder before the annual general meeting (clauses 32–34, 9).
Governance report
The Code requires a corporate governance report stating how far the company complies with the Code, and any deviation (clause 34).
Website disclosure
Documents for the annual general meeting are to be posted on the company website by the end of the second quarter, together with at least three basic financial statements each half-year or quarter (clause 35).
Audit
The external auditor is the Auditor General or a firm the Auditor General appoints. STELCO's 2023 statements were audited by EY and published on the Auditor General's website.
What is published
- STELCO annual reports for 2018 to 2025 on the company website. The 2024 report was posted on 5 January 2026 and the 2025 report on 8 July 2026.
- STELCO ESG reports for 2023, 2024 and 2025, its Corporate Governance Code and its Strategic Action Plan 2024–2028.
- The Auditor General's audited financial statements for 2023.
- PCB quarterly reviews that include STELCO, such as the Q2 2024 summary.
Not found in this review
- Half-yearly or quarterly financial statements on STELCO's downloads page.
- A STELCO-specific figure for the electricity subsidy paid by the government.
- A STELCO-specific figure for debt guaranteed by the government.
- The PCB's Annual Financial Review for 2023, 2024 or 2025, or a Ministry of Finance fiscal risk statement after 2021.
These may exist in documents this review could not open; the PCB Corporate Governance Review 2022 returned an access error.
Audit status: STELCO is not among the twelve state-owned enterprises the PCB listed as having unfinished audits for 2022 as at December 2023. Confirmed
05Tariffs and subsidy
What households pay
Domestic tariffs were reduced in June 2025 on the order of the President. Commercial and government tariffs did not change.
Domestic tariff, MVR per unit, before and after 1 June 2025
0–100 units−17%
101–200 units−12%
201–300 units−30%
301–400 units−40%
401–500 units−10%
501–600 units−10%
Above 600 units−10%
Work out a monthly bill
units
- Before 1 June 2025
- MVR 535.00
- From 1 June 2025
- MVR 425.00
- Difference
- −MVR 110.00 (21%)
An illustration for one 30-day bill, assuming each rate applies to the units within its band. It leaves out any fuel surcharge, fees and GST. Calculations by Good Morning Maldives (GMM).
The reduction was announced by the President's Office on 31 May 2025 and applied to May bills. The cost of the reduction, and how it is funded, have not been published.
Who sets tariffs
The June 2025 reduction was a presidential decision; no determination by the Utility Regulatory Authority was found.
Subsidy
The government compensates electricity providers, including STELCO, Fenaka and MWSC, for revenue lost through subsidised tariffs. Budget documents give national totals only: the 2024 supplementary budget added MVR 223 million for electricity subsidies.
History
Blanket electricity subsidies introduced in 2009 were ended from March 2016, when MVR 716 million had been paid the previous year.
06Generation and the grid
Diesel today, a renewable target for 2028
Greater Malé runs on diesel generators. The government's target is for renewable sources to supply a third of electricity by 2028.
Capacity and demand
In January 2024 The Edition reported Greater Malé's maximum capacity as 122 MW. Corporate Maldives reported peak demand of about 113 MW in 2024 and about 130 MW expected in 2025. No official current figure was found.
Hulhumalé powerhouses
The Fifth Power Project, a 50 MW plant in Hulhumalé built by Dongfang Electric with a USD 79 million loan from the Export-Import Bank of China, was completed in 2019, according to STELCO. A 19.2 MW peak-season plant, Annex-2, opened there on 15 March 2025.
Interconnection
A 132 kV cable links the Malé, Hulhulé and Hulhumalé networks. A second phase to Villimalé, Thilafushi and Gulhifalhu was planned.
Thilafushi plant
In October 2024 STELCO signed a memorandum of understanding with China's TBEA Group for a 150 MW dual-fuel plant and a transmission line linking Malé, Villimalé, Gulhifalhu and Thilafushi. No value has been disclosed and the project is at feasibility stage.
STELCO's own solar
STELCO reports 13,219 kWp of solar capacity across 35 islands, which produced 7.7 million kWh in 2024, with solar-battery systems at Gulhifalhu, Dhidhdhoo and Rakeedhoo.
Development partners
The World Bank's ARISE programme (USD 107.4 million, approved in December 2020) is implemented by the Ministry of Environment with STELCO and Fenaka. Asian Development Bank project 55191-001, approved on 12 September 2023, includes building the renewable-energy capacity of STELCO, Fenaka and the Ministry of Environment; its executing agency is the Ministry of Finance.
Renewables in the national electricity supply
Target: 33% by 2028
- Renewable 4%
The shares are national, as stated by His Excellency Dr Mohamed Muizzu, President of the Republic of Maldives, at COP28 in December 2023. STELCO's own renewable share has not been published. In September 2026 the ministry reported national renewable capacity of 126 MW, up from 53 MW.
07Ownership & people
Who owns it, who runs it
Ownership
- Government of Maldives100%
As of 27 Sept 2026
Key people
- Mohamed LatheefChairperson
- Ahmed NizamNon-Executive Director
- Dr Ali AzwarManaging Director · since 28 Apr 2026
- Aishath MuznaDeputy Managing Director · since 10 Sept 2025
- Ahmed AslamNon-Executive Director · since 3 Sept 2024
- Mariyam SajidaNon-Executive Director · since 27 May 2024
- Ahmed HashimNon-Executive Director · since 24 Dec 2023
Former office holders
- Dr Ali AzwarActing Managing Director · 11 Jan 2026 – 28 Apr 2026
- Ahmed Shamah RasheedManaging Director · 7 Sept 2025 – 11 Jan 2026
- Hussain FahmyManaging Director · 28 Nov 2023 – 7 Sept 2025
- Ahmed ShareefManaging Director · 2 Mar 2022 – 28 Nov 2023
- Hassan MughneeManaging Director · until 2 Mar 2022
Managing Director
Executive Director
Non-Executive Director
08Footprint
Where STELCO operates
Choose a pin, a status or a region; the list below holds the same places.
Head office, Ameenee Magu, Malé · larger pins are keystone projects · locations are approximate
Delivered or operating · Maldives (Kaafu)
Hulhumalé powerhouses
The 50 MW Fifth Power Project (2019) and the 19.2 MW Annex-2 peak-season plant (March 2025).
Partner / structure Dongfang Electric; Export-Import Bank of China
All 11 places as a list
Approximate positions: Pins mark islands or atolls, not individual plants. Atoll pins sit on the atoll's main island.
09Timeline
From 1949 to a national utility
Scroll sideways, or jump to a year.
1949
Electricity supply begins in Malé
A 14 kW plant serves 50 homes, according to the company.
1982
Renamed Maldives Electricity Board
19 June 1997
Incorporated as State Electric Company Limited
Presidential decree under the Companies Act 1996; wholly owned by the government.
19 June 2012
Fenaka Corporation created for utilities outside Malé
February 2019
Mohamed Rasheed appointed chair; Hassan Mughnee managing director
2019
50 MW Fifth Power Project completed in Hulhumalé
December 2020
Utility Regulatory Authority established
Replaced the Maldives Energy Authority as STELCO's regulator.
11 December 2020
World Bank approves ARISE renewable energy programme
USD 107.4 million, implemented by the Ministry of Environment with STELCO and Fenaka.
2 March 2022
Ahmed Shareef appointed managing director
15 June 2022
Ibrahim Mohamed Didi appointed chair
14 September 2023
Settlement with Dongfang Electric signed
USD 7.8 million; later referred by STELCO to the Anti-Corruption Commission.
28 November 2023
Hussain Fahmy appointed managing director
1 December 2023
33% renewable electricity target for 2028 announced at COP28
26 August 2024
Fenaka made a subsidiary of the State Trading Organization
16 October 2024
Agreement with TBEA Group for a 150 MW Thilafushi plant
15 March 2025
19.2 MW Annex-2 plant opens in Hulhumalé
31 May 2025
Domestic electricity tariffs reduced
Effective 1 June 2025 and applied to May bills.
1 June 2025
Supply stops across Greater Malé for about six hours
7 September 2025
Ahmed Shamah Rasheed replaces Hussain Fahmy as managing director
11 January 2026
Dr Ali Azwar placed in interim charge
After the PCB removed Ahmed Shamah Rasheed.
24 April 2026
Baa, Lhaviyani and Meemu atolls transferred from Fenaka
28 April 2026
Dr Ali Azwar appointed managing director
22 June 2026
Meemu handover signed
2 July 2026
2025 accounts: profit of MVR 239 million
8 July 2026
Annual Report 2025 published
7 September 2026
Government announces the dissolution of Fenaka into STELCO
17 September 2026
Island surveys begin in Addu City and Thinadhoo
20 September 2026
Ahmed Nizam appointed to the board
10Service record
Interruptions and reviews, and how they ended
1 June 2025
Issue
Supply stopped across Malé, Hulhumalé and Hulhulé; the airport was not affected. STELCO cited a technical issue.
Outcome
Supply was restored after about six hours. Sun Online reports that the President ordered a police investigation; its findings have not been published.
August 2025
Issue
An interruption of about three hours in Malé and Hulhumalé.
Outcome
The Managing Director said the cause had been identified but did not describe it.
21 September 2025
Issue
An interruption in Hulhumalé, which STELCO attributed to a substation feeder being switched off by an unauthorised person.
Outcome
STELCO reported the matter to the authorities. No outcome has been reported.
23 May 2026
Issue
Supply stopped in Malé and Hulhumalé for about two and a half hours after an upgrade at the 50 MW station.
Outcome
The Managing Director attributed it to software and firmware updates.
Dongfang Electric settlement
Issue
In August 2024 STELCO asked the Anti-Corruption Commission to review a September 2023 settlement of USD 7.8 million with Dongfang Electric signed by a former managing director.
Outcome
No finding has been reported. The matter remains a complaint made by the company.
Change of managing director, January 2026
Issue
The PCB removed Ahmed Shamah Rasheed as managing director without stating a reason. The Anti-Corruption Commission confirmed it was investigating; he denied wrongdoing.
Outcome
No finding has been reported.
No finding: No court or Anti-Corruption Commission finding against STELCO or its officers was found in the sources reviewed. The items above record complaints and reviews, not conclusions.
11People
The board, the management and the counterparts
People whose roles are documented in the reporting. The lines show documented contact, not ownership.
Principal
Dr Ali Azwar
Managing Director
Appointed managing director by the PCB on 28 April 2026, after leading the company on an interim basis from January 2026. According to Sun Online, he joined STELCO in 1997, served as chief operating officer and deputy managing director, and holds a doctorate from Victoria University of Wellington on renewable energy in small island states.
Government
STELCO board
Fenaka
Former managing directors
Drag a name to move it; choose one to read their link.
Government
His Excellency Dr Mohamed Muizzu
President of the Republic of Maldives
Ordered the June 2025 tariff reduction, decided the April 2026 transfer of three atolls and announced the dissolution of Fenaka into STELCO.
Everyone, by group
Government
- His Excellency Dr Mohamed Muizzu, President of the Republic of Maldives. Ordered the June 2025 tariff reduction, decided the April 2026 transfer of three atolls and announced the dissolution of Fenaka into STELCO.
- Privatization and Corporatization Board, SOE oversight body. Appoints and removes STELCO's managing directors and publishes its quarterly reviews.
STELCO board
- Mohamed Latheef, Chairperson. Listed as chairperson on the company website; a director since December 2023 according to the company register.
- Aishath Muzna, Deputy Managing Director. Executive director; on the company register since September 2025.
Fenaka
- Mohamed Afeef Hussain, Managing Director, Fenaka Corporation. Signed the Meemu handover with STELCO in June 2026.
Former managing directors
- Hussain Fahmy, Managing Director, November 2023 to September 2025. Joined STELCO in 1998; later appointed Principal Secretary to the President on Policy and Manifesto.
- Ahmed Shamah Rasheed, Managing Director, September 2025 to January 2026. Former chief executive of MIFCO; removed by the PCB without a stated reason.
- Ahmed Shareef, Managing Director, March 2022 to November 2023. Signed the 2023 Dongfang Electric settlement that STELCO later referred to the Anti-Corruption Commission.
Other staff named in single reports, including procurement managers, are not listed here: the reports conflict on names and roles.
12Fact checks & open questions
Common claims, corrected — and what is still unknown
STELCO made a loss of MVR 20 million in 2023.
The audited 2023 statements show a net loss of MVR 171.9 million. The MVR 20 million figure was stated by the then managing director in November 2024.
Hussain Fahmy was removed as managing director after less than a year.
He was appointed on 28 November 2023 and replaced on 7 September 2025, about 21 months later.
Laamu Atoll was among the atolls transferred to STELCO.
The April 2026 decision covered Baa, Lhaviyani and Meemu atolls, as reported by two outlets on the day.
The national renewable electricity target is 30% by 2028.
The President's Office states the target as 33% by 2028.
Open questions as of 27 September 2026
- When will Fenaka's dissolution take effect, and under what legal instrument?
- What is the current installed capacity and 2026 peak demand in Greater Malé?
- How much electricity subsidy does the government pay to STELCO each year?
- Does STELCO publish the half-yearly or quarterly financial statements that the Corporate Governance Code requires on its website?
- What did the police investigation into the 1 June 2025 interruption find?
- What was the outcome of the Anti-Corruption Commission's review of the Dongfang Electric settlement, and of its investigation concerning the former managing director?
- Is the 100 MW Sixth Power Project in Hulhumalé, announced in 2022, still planned?
- What share of STELCO's own generation comes from renewable sources?
- Will the MVR 1.29 billion government loan of 2009 be documented or converted to equity?
- When, and by whom, was the current chairperson appointed?
13Sources
Every source cited
Numbers match the citations throughout the page.
- 1State Electric Company Limited Financial Statements for the year ended 31 December 2023Auditor General's Office · April 2025
- 2STATE ELECTRIC COMPANY Ltd — company recordMinistry of Economic Development and Trade (Business Portal)
- 3Our CompanySTELCO (company website)
- 4Organizational StructureSTELCO (company website)
- 5STELCO on becoming a trusted companyMaldives Financial Review · 23 June 2022
- 6Corporate Governance Code for State Owned EnterprisesPrivatization and Corporatization Board and Ministry of Finance · Effective 1 May 2019
- 7Privatization & Corporatization ActMinistry of Finance · 29 December 2018
- 8DownloadsSTELCO (company website)
- 9Annual Report 2025 (download page)STELCO (company website) · 8 July 2026
- 10Annual Report 2024 (download page)STELCO (company website) · 5 January 2026
- 11Annual Financial Review FY 2022Privatization and Corporatization Board · 2023
- 12Summary of Quarterly Review Q2 2024Privatization and Corporatization Board · February 2025
- 13Maldives Fiscal Risk Statement 2021Ministry of Finance · May 2021
- 14STELCO posts MVR 239 million profit in 2025The Edition · 2 July 2026
- 15U-turn ratification, school absenteeism and financial expoMaldives Independent · 3 July 2026
- 16MVR 949mn owed to STELCO by agenciesThe Edition · 2 July 2026
- 17Maldives Development Update, October 2025World Bank · October 2025
- 18STELCO on Track to Close 2024 with MVR 120 Million Profit, Says Managing DirectorCorporate Maldives · 18 November 2024
- 19President establishes Utility Regulatory AuthorityPresident's Office · 14 December 2020
- 20Domestic category electricity tariff reduced to deliver meaningful relief to citizens as Government ensures sustainable implementationPresident's Office · 31 May 2025
- 21STELCO prepares electricity bills for May at reduced tariff ratesThe Edition · 3 June 2025
- 22Tariff RatesSTELCO (company website)
- 23Maldives cuts electricity subsidiesMaldives Independent · 26 January 2016
- 24Total MVR 1.3 billion to be spent on fuel subsidies this yearThe Edition · 27 October 2024
- 25President Waheed creates centralised utilities corporation, 'Fenaka'Maldives Independent · 19 June 2012
- 26President assigns FENAKA Corporation Limited as a Subsidiary of STOPresident's Office · 26 August 2024
- 27Fenaka services maintained in three atolls handed to STELCOThe Edition · 24 April 2026
- 28Utility services in 3 atolls transferred to STELCOAtoll Times · 24 April 2026
- 29Stelco officially takes over utility services in Meemu AtollThe Edition · 22 June 2026
- 30Thilafushi fire, pay cuts and Savaaheli transferMaldives Independent · 22 July 2026
- 31Fenaka to be dissolved, services transferred under STELCOThe Edition · 7 September 2026
- 32Govt to dissolve Fenaka and RDC under SOE restructuringAtoll Times · 7 September 2026
- 33Fenaka scrapped, Aasandha capped: everything Muizzu announcedMaldives Independent · 8 September 2026
- 34Survey for state of island electricity services under STELCOThe Edition · 17 September 2026
- 35Expanding STELCO services to all of Maldives will offer satisfaction, peace of mind to citizens: AzwarThe Edition · 22 September 2026
- 36Hussain Fahmy appointed as STELCO's new MDThe Edition · 28 November 2023
- 37Ahmed Shamah Appointed STELCO MD After Dismissal of Hussain FahmyMaldives Business Review · 7 September 2025
- 38Fahmy Sacked As STELCO MD, Ahmed Shamah Rasheed AppointedGaafu Online · 7 September 2025
- 39Ex-STELCO chief Fahmy appointed to ministerial level postAtoll Times · 8 September 2025
- 40STELCO MD Shamaah dismissed after 4 monthsThe Edition · 11 January 2026
- 41STELCO's MD Shamah sacked in second dismissal from an SOESun Online · 11 January 2026
- 42STELCO management handed to deputy MD; procurement head removedAtoll Times · 11 January 2026
- 43Umar Naseer alleges high-level involvement in SOE corruptionSun Online · 13 January 2026
- 44Seasoned energy expert Dr. Azwar takes helm of STELCO months after former MD sackedSun Online · 28 April 2026
- 45Individual appointed to STELCO boardThe Edition · 20 September 2026
- 46Major Changes to STELCO, WAMCO and Maldives Energy Authority OperationsCorporate Maldives · 2 March 2022
- 47Mohamed Rasheed appointed as STELCO ChairmanThe Edition · 12 February 2019
- 48Ibrahim Mohamed Didi Appointed as STELCO ChairmanCorporate Maldives · 15 June 2022
- 49Case on former MD signing an agreement damaging STELCO lodged at ACCThe Edition · 13 August 2024
- 50Power goes out in greater Male' areaSun Online · 1 June 2025
- 51STELCO chief: Cause of outage has been identified; we are sorting it outSun Online · 9 August 2025
- 52Power outages in Malé, HulhumaléAtoll Times · 9 August 2025
- 53Hulhumalé power outage attributed to substation tampering: STELCOMMTV · 21 September 2025
- 54Power outage, preliminary reconstruction and Nasheed apologyMaldives Independent · 23 May 2026
- 55STELCO attains two sets of generatorsThe Edition · 14 January 2024
- 56Anticipating Higher Demand, STELCO Expands Energy Capacity for RamadanCorporate Maldives · 23 February 2025
- 57STELCO to conclude Fifth Power Project next monthSTELCO (company release) · 14 March 2019
- 58STELCO inaugurates new 19.2MW powerhouse for peak seasonSun Online · 16 March 2025
- 59STELCO opens new Hulhumale power plant for peak seasonAtoll Times · 16 March 2025
- 60STELCO's electricity network: a key to modernisationAvas · April 2020
- 61STELCO partners with China's TBEA for Maldives' 'biggest' energy projectSun Online · 16 October 2024
- 62Maldives awards largest energy project to Chinese companyAtoll Times · 16 October 2024
- 63Renewable EnergySTELCO (company website)
- 64The President Delivers National Statement at COP28President's Office · 1 December 2023
- 65President Dr Muizzu shares a message on International Day of Clean EnergyPresident's Office · 26 January 2025
- 66STELCO Reaffirms Commitment to Maldives' Renewable Energy Ambition and Clean Power ExpansionMaaldif · 3 June 2026
- 67Increased renewable energy from 53 MW to 126 MW: MinistryThe Edition · 24 September 2026
- 68World Bank approves USD 107 mln project for Maldives' renewable energy transitionThe Edition · 13 December 2020
- 69Accelerating Sustainable System Development Using Renewable Energy (project 55191-001)Asian Development Bank · Approved 12 September 2023
- 70STELCO Awards Contract to Develop New Powerhouse in ThulusdhooPSM News
- 71May Bills Reflect New Tariffs as STELCO Acts Swiftly on President Muizzu's OrderThe Standard Maldives · 2 June 2025
About this record
Revision history
Last reviewed 27 September 2026. Research pass of 27 September 2026. Checked on 27 September 2026 by script and browser: every remaining link loads, and every figure, date and name is in at least one source it cites. Three sources that could not be reached, or did not show what they were cited for, were dropped with the claims that rested on them. linkChecked stays blank until a person has opened each link. STELCO's Annual Reports 2024 and 2025 and the PCB Q1 2025 review were not read; figures from them are not used. Founding date is the date of incorporation (19 June 1997); the company dates its origins to 1949. Island coordinates are approximate. Procurement staff names and one political allegation are withheld.
Data
How to cite
Good Morning Maldives, "STELCO", independent record (graded), retrieved 23 October 2026, www.goodmorningmaldives.com/entities/stelco
Add the fact’s own link (#fact-…) to cite one line. Citation guide
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Source 1
State Electric Company Limited Financial Statements for the year ended 31 December 2023
Auditor General's Office · April 2025
Source 2
STATE ELECTRIC COMPANY Ltd — company record
Ministry of Economic Development and Trade (Business Portal)
Source 5
STELCO on becoming a trusted company
Maldives Financial Review · 23 June 2022
Source 6
Corporate Governance Code for State Owned Enterprises
Privatization and Corporatization Board and Ministry of Finance · Effective 1 May 2019
Source 10
Annual Report 2024 (download page)
STELCO (company website) · 5 January 2026
Source 11
Annual Financial Review FY 2022
Privatization and Corporatization Board · 2023
Source 12
Summary of Quarterly Review Q2 2024
Privatization and Corporatization Board · February 2025
Source 15
U-turn ratification, school absenteeism and financial expo
Maldives Independent · 3 July 2026
Source 18
STELCO on Track to Close 2024 with MVR 120 Million Profit, Says Managing Director
Corporate Maldives · 18 November 2024
Source 19
President establishes Utility Regulatory Authority
President's Office · 14 December 2020
Source 20
Domestic category electricity tariff reduced to deliver meaningful relief to citizens as Government ensures sustainable implementation
President's Office · 31 May 2025
Source 21
STELCO prepares electricity bills for May at reduced tariff rates
The Edition · 3 June 2025
Source 24
Total MVR 1.3 billion to be spent on fuel subsidies this year
The Edition · 27 October 2024
Source 25
President Waheed creates centralised utilities corporation, 'Fenaka'
Maldives Independent · 19 June 2012
Source 26
President assigns FENAKA Corporation Limited as a Subsidiary of STO
President's Office · 26 August 2024
Source 27
Fenaka services maintained in three atolls handed to STELCO
The Edition · 24 April 2026
Source 28
Utility services in 3 atolls transferred to STELCO
Atoll Times · 24 April 2026
Source 29
Stelco officially takes over utility services in Meemu Atoll
The Edition · 22 June 2026
Source 30
Thilafushi fire, pay cuts and Savaaheli transfer
Maldives Independent · 22 July 2026
Source 31
Fenaka to be dissolved, services transferred under STELCO
The Edition · 7 September 2026
Source 32
Govt to dissolve Fenaka and RDC under SOE restructuring
Atoll Times · 7 September 2026
Source 33
Fenaka scrapped, Aasandha capped: everything Muizzu announced
Maldives Independent · 8 September 2026
Source 34
Survey for state of island electricity services under STELCO
The Edition · 17 September 2026
Source 35
Expanding STELCO services to all of Maldives will offer satisfaction, peace of mind to citizens: Azwar
The Edition · 22 September 2026
Source 37
Ahmed Shamah Appointed STELCO MD After Dismissal of Hussain Fahmy
Maldives Business Review · 7 September 2025
Source 38
Fahmy Sacked As STELCO MD, Ahmed Shamah Rasheed Appointed
Gaafu Online · 7 September 2025
Source 39
Ex-STELCO chief Fahmy appointed to ministerial level post
Atoll Times · 8 September 2025
Source 41
STELCO's MD Shamah sacked in second dismissal from an SOE
Sun Online · 11 January 2026
Source 42
STELCO management handed to deputy MD; procurement head removed
Atoll Times · 11 January 2026
Source 43
Umar Naseer alleges high-level involvement in SOE corruption
Sun Online · 13 January 2026
Source 44
Seasoned energy expert Dr. Azwar takes helm of STELCO months after former MD sacked
Sun Online · 28 April 2026
Source 46
Major Changes to STELCO, WAMCO and Maldives Energy Authority Operations
Corporate Maldives · 2 March 2022
Source 47
Mohamed Rasheed appointed as STELCO Chairman
The Edition · 12 February 2019
Source 48
Ibrahim Mohamed Didi Appointed as STELCO Chairman
Corporate Maldives · 15 June 2022
Source 49
Case on former MD signing an agreement damaging STELCO lodged at ACC
The Edition · 13 August 2024
Source 51
STELCO chief: Cause of outage has been identified; we are sorting it out
Sun Online · 9 August 2025
Source 53
Hulhumalé power outage attributed to substation tampering: STELCO
MMTV · 21 September 2025
Source 54
Power outage, preliminary reconstruction and Nasheed apology
Maldives Independent · 23 May 2026
Source 56
Anticipating Higher Demand, STELCO Expands Energy Capacity for Ramadan
Corporate Maldives · 23 February 2025
Source 57
STELCO to conclude Fifth Power Project next month
STELCO (company release) · 14 March 2019
Source 58
STELCO inaugurates new 19.2MW powerhouse for peak season
Sun Online · 16 March 2025
Source 59
STELCO opens new Hulhumale power plant for peak season
Atoll Times · 16 March 2025
Source 61
STELCO partners with China's TBEA for Maldives' 'biggest' energy project
Sun Online · 16 October 2024
Source 62
Maldives awards largest energy project to Chinese company
Atoll Times · 16 October 2024
Source 64
The President Delivers National Statement at COP28
President's Office · 1 December 2023
Source 65
President Dr Muizzu shares a message on International Day of Clean Energy
President's Office · 26 January 2025
Source 66
STELCO Reaffirms Commitment to Maldives' Renewable Energy Ambition and Clean Power Expansion
Maaldif · 3 June 2026
Source 67
Increased renewable energy from 53 MW to 126 MW: Ministry
The Edition · 24 September 2026
Source 68
World Bank approves USD 107 mln project for Maldives' renewable energy transition
The Edition · 13 December 2020
Source 69
Accelerating Sustainable System Development Using Renewable Energy (project 55191-001)
Asian Development Bank · Approved 12 September 2023
Source 71
May Bills Reflect New Tariffs as STELCO Acts Swiftly on President Muizzu's Order
The Standard Maldives · 2 June 2025