# STELCO

_State-owned electricity utility, Malé_

- Type: State-owned enterprise
- Also known as: State Electric Company, State Electric Company Ltd, Maldives Electricity Board, STELCO Maldives, State Electric Company Limited
- Website: https://stelco.com.mv
- Last reviewed: 2026-09-27

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.

## Key facts

- 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 2026-09-27)
- Service area: 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 2026-04-24)
- 2025 result: 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 2025-12-31)
- Staff: 1,840 employees in the second quarter of 2024, according to the PCB. (as of 2024-06-30)
- 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 2025-12-31)
- 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 2026-09-07)

## What STELCO is

_The state electricity company of the capital region, now becoming the national utility._

## 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**
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.
- 2012: Fenaka is created: A presidential decree merged seven regional utility companies into Fenaka Corporation, responsible for utilities outside Malé.
- 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.
- 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.
- 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.
- 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.
- 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.

**Positions on the transfer, as reported**
- Supporting:
-   His Excellency Dr Mohamed Muizzu: 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.. President of the Republic of Maldives
-   Dr Ali Azwar: Described the nationwide expansion as a very good decision that will give citizens satisfaction and peace of mind.. Managing Director, STELCO
- Concerns raised:
-   Maldivian Democratic Party (MDP): 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.. Opposition party

**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.

## 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**
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.
- Revenue
- Profit
- Dividend to the government
- Loan repayments

**Profit or loss, MVR million**
2022 and 2023 from the audited statements; 2024 and 2025 from press reports of the audit.
- 2022: 75.1. Restated in the 2023 audited statements
- 2023: −171.9. Audited
- 2024: 181. Auditor General's report, as reported
- 2025: 239. Auditor General's report, as reported

**Results by year**
- 2022: Net profit of MVR 75.1 million, as restated in the 2023 audited statements.. Profit
- 2023: 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.. Loss
- 2024: Profit of MVR 181 million, according to press reports of the audit.. Profit
- 2025: 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.. Profit

**The 2023 result: audited and stated**
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.
- Auditor General's Office (audited statements): Net loss, 2023. MVR 171.9 million loss
- Hussain Fahmy, then Managing Director: Loss, 2023, as stated in November 2024. MVR 20 million loss

**The 2024 result: audited and forecast**
The forecast was made six weeks before the year ended; the audited figure is higher.
- Auditor General's report, as reported: Profit, 2024. MVR 181 million
- Hussain Fahmy, then Managing Director: Profit forecast for 2024, November 2024. MVR 120 million

**Unpaid bills owed to STELCO by the state**
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.
- Auditor General's report, as reported by The Edition: Owed by 19 ministries and SOEs, end of 2025. MVR 949 million
- World Bank: Reportedly owed by government offices and SOEs, October 2025. MVR 661 million
- Auditor General's report, as reported by The Edition: Owed at the end of 2024. MVR 774 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.

## 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**
These may exist in documents this review could not open; the PCB Corporate Governance Review 2022 returned an access error.
- 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.

- Audit status: STELCO is not among the twelve state-owned enterprises the PCB listed as having unfinished audits for 2022 as at December 2023.

## 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**
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.
- 0 to 100 units: 1.5 before, 1.25 after (MVR)
- 101 to 200 units: 1.7 before, 1.5 after (MVR)
- 201 to 300 units: 2.15 before, 1.5 after (MVR)
- 301 to 400 units: 2.5 before, 1.5 after (MVR)
- 401 to 500 units: 2.95 before, 2.66 after (MVR)
- 501 to 600 units: 3.55 before, 3.2 after (MVR)
- 601 to  units: 4.25 before, 3.83 after (MVR)

- 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.

## 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**
- Renewable: 4%
- Diesel and other: 96%
- Target: 33% by 2028: 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.

## Interruptions and reviews, and how they ended

- 1 June 2025: Supply stopped across Malé, Hulhumalé and Hulhulé; the airport was not affected. STELCO cited a technical issue.. 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: An interruption of about three hours in Malé and Hulhumalé.. The Managing Director said the cause had been identified but did not describe it.
- 21 September 2025: An interruption in Hulhumalé, which STELCO attributed to a substation feeder being switched off by an unauthorised person.. STELCO reported the matter to the authorities. No outcome has been reported.
- 23 May 2026: Supply stopped in Malé and Hulhumalé for about two and a half hours after an upgrade at the 50 MW station.. The Managing Director attributed it to software and firmware updates.
- Dongfang Electric settlement: 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.. No finding has been reported. The matter remains a complaint made by the company.
- Change of managing director, January 2026: The PCB removed Ahmed Shamah Rasheed as managing director without stating a reason. The Anti-Corruption Commission confirmed it was investigating; he denied wrongdoing.. 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.

## Timeline

- 1949-01-01: Electricity supply begins in Malé. A 14 kW plant serves 50 homes, according to the company.
- 1982-01-01: Renamed Maldives Electricity Board
- 1997-06-19: Incorporated as State Electric Company Limited. Presidential decree under the Companies Act 1996; wholly owned by the government.
- 2012-06-19: Fenaka Corporation created for utilities outside Malé
- 2019-02-01: Mohamed Rasheed appointed chair; Hassan Mughnee managing director
- 2019: 50 MW Fifth Power Project completed in Hulhumalé
- 2020-12-01: Utility Regulatory Authority established. Replaced the Maldives Energy Authority as STELCO's regulator.
- 2020-12-11: World Bank approves ARISE renewable energy programme. USD 107.4 million, implemented by the Ministry of Environment with STELCO and Fenaka.
- 2022-03-02: Ahmed Shareef appointed managing director
- 2022-06-15: Ibrahim Mohamed Didi appointed chair
- 2023-09-14: Settlement with Dongfang Electric signed. USD 7.8 million; later referred by STELCO to the Anti-Corruption Commission.
- 2023-11-28: Hussain Fahmy appointed managing director
- 2023-12-01: 33% renewable electricity target for 2028 announced at COP28
- 2024-08-26: Fenaka made a subsidiary of the State Trading Organization
- 2024-10-16: Agreement with TBEA Group for a 150 MW Thilafushi plant
- 2025-03-15: 19.2 MW Annex-2 plant opens in Hulhumalé
- 2025-05-31: Domestic electricity tariffs reduced. Effective 1 June 2025 and applied to May bills.
- 2025-06-01: Supply stops across Greater Malé for about six hours
- 2025-09-07: Ahmed Shamah Rasheed replaces Hussain Fahmy as managing director
- 2026-01-11: Dr Ali Azwar placed in interim charge. After the PCB removed Ahmed Shamah Rasheed.
- 2026-04-24: Baa, Lhaviyani and Meemu atolls transferred from Fenaka
- 2026-04-28: Dr Ali Azwar appointed managing director
- 2026-06-22: Meemu handover signed
- 2026-07-02: 2025 accounts: profit of MVR 239 million
- 2026-07-08: Annual Report 2025 published
- 2026-09-07: Government announces the dissolution of Fenaka into STELCO
- 2026-09-17: Island surveys begin in Addu City and Thinadhoo
- 2026-09-20: Ahmed Nizam appointed to the board

## Key people

- [Mohamed Latheef](): Chairperson
- [Ahmed Nizam](): Non-Executive Director
- [Dr Ali Azwar](https://www.goodmorningmaldives.com/entities/ali-azwar): Managing Director (2026-04-28)
- [Aishath Muzna](): Deputy Managing Director (2025-09-10)
- [Ahmed Aslam](): Non-Executive Director (2024-09-03)
- [Mariyam Sajida](): Non-Executive Director (2024-05-27)
- [Ahmed Hashim](): Non-Executive Director (2023-12-24)
- [Hassan Mughnee](): Managing Director (2022-03-02)
- [Dr Ali Azwar](https://www.goodmorningmaldives.com/entities/ali-azwar): Managing Director (2026-01-11 to 2026-04-28)
- [Ahmed Shamah Rasheed](): Managing Director (2025-09-07 to 2026-01-11)
- [Hussain Fahmy](): Managing Director (2023-11-28 to 2025-09-07)
- [Ahmed Shareef](): Managing Director (2022-03-02 to 2023-11-28)

## Ownership

- Government of Maldives: 100 (as of 2026-09-27)

## Footprint

- Hulhumalé powerhouses, Maldives (Kaafu): delivered. The 50 MW Fifth Power Project (2019) and the 19.2 MW Annex-2 peak-season plant (March 2025).
- Malé network, Maldives (Kaafu): delivered. The capital's network, linked to Hulhulé and Hulhumalé by a 132 kV cable.
- Thilafushi 150 MW plant (proposed), Maldives (Kaafu): agreed. Memorandum of understanding signed in October 2024 for a dual-fuel plant and a transmission line to Malé. Feasibility stage; value not disclosed.
- Gulhifalhu solar and battery system, Maldives (Kaafu): delivered. Hybrid solar and battery supply, according to STELCO.
- Thulusdhoo powerhouse, Maldives (Kaafu): underway. Contract of USD 772,727 awarded to Sunwill Pvt Ltd to build a new powerhouse outside the residential area.
- Rakeedhoo solar pilot, Maldives (Vaavu): delivered. Solar and battery system; STELCO describes it as a pilot for a mainly solar island supply.
- Dhidhdhoo solar and battery system, Maldives (Alifu Dhaalu): delivered. Hybrid solar and battery supply, according to STELCO.
- Meemu Atoll, seven islands, Maldives (Meemu): delivered. Transferred from Fenaka; handover signed on 22 June 2026.
- Baa Atoll, Maldives (Baa): underway. Transfer from Fenaka decided in April 2026; the handover date has not been reported.
- Lhaviyani Atoll, Maldives (Lhaviyani): underway. Transfer from Fenaka decided in April 2026; the handover date has not been reported.
- Addu City (survey), Maldives (Addu): underway. STELCO survey team assessing island services before the Fenaka transfer, September 2026.

## Open questions

- 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?

## Sources

- [State Electric Company Limited Financial Statements for the year ended 31 December 2023](https://www.audit.gov.mv/uploads/AuditUpload/2025/04April/Stelco_Signed_FS_31_December_2023.pdf). Auditor General's Office, April 2025
- [STATE ELECTRIC COMPANY Ltd — company record](https://business.egov.mv/BusinessRegistry/ViewDetails/95294?key=1259849512). Ministry of Economic Development and Trade (Business Portal)
- [Our Company](https://stelco.com.mv/our-company). STELCO (company website)
- [Organizational Structure](https://stelco.com.mv/organizational-structure). STELCO (company website)
- [STELCO on becoming a trusted company](https://mfr.mv/soes/stelco-on-becoming-a-trusted-company). Maldives Financial Review, 23 June 2022
- [Corporate Governance Code for State Owned Enterprises](https://www.finance.gov.mv/public/attachments/i1mYvLckqj5YMT3N4vj7Z3RUc3zmSJKY7dh2wBiC.pdf). Privatization and Corporatization Board and Ministry of Finance, Effective 1 May 2019
- [Privatization & Corporatization Act](https://www.finance.gov.mv/privatization-corporatization-act). Ministry of Finance, 29 December 2018
- [Downloads](https://stelco.com.mv/downloads). STELCO (company website)
- [Annual Report 2025 (download page)](https://stelco.com.mv/download/annual-report-2025). STELCO (company website), 8 July 2026
- [Annual Report 2024 (download page)](https://stelco.com.mv/download/annual-report-2024). STELCO (company website), 5 January 2026
- [Annual Financial Review FY 2022](https://www.pcb.gov.mv/documents/publications/annual-financial-reviews/Annual%20Financial%20Review%20FY%202022.pdf). Privatization and Corporatization Board, 2023
- [Summary of Quarterly Review Q2 2024](https://www.pcb.gov.mv/documents/publications/summary-quarterly-reviews/Summary_of_Quarterly_Review_Q_2_2024_20250205045250.pdf). Privatization and Corporatization Board, February 2025
- [Maldives Fiscal Risk Statement 2021](https://www.finance.gov.mv/public/attachments/Xhw6R8NGDrTiwqBKrqRIBsbp2Mm9aLPPaIZ0I6Fj.pdf). Ministry of Finance, May 2021
- [STELCO posts MVR 239 million profit in 2025](https://edition.mv/business/52153). The Edition, 2 July 2026
- [U-turn ratification, school absenteeism and financial expo](https://maldivesindependent.com/news-in-brief/u-turn-ratification-school-absenteeism-and-f638). Maldives Independent, 3 July 2026
- [MVR 949mn owed to STELCO by agencies](https://edition.mv/business/52155). The Edition, 2 July 2026
- [Maldives Development Update, October 2025](https://documents1.worldbank.org/curated/en/099932510292526589/pdf/IDU-6af2061e-29e2-413d-8cac-750e92255432.pdf). World Bank, October 2025
- [STELCO on Track to Close 2024 with MVR 120 Million Profit, Says Managing Director](https://corporatemaldives.com/stelco-on-track-to-close-2024-with-mvr-120-million-profit-says-managing-director/). Corporate Maldives, 18 November 2024
- [President establishes Utility Regulatory Authority](https://presidency.gov.mv/Press/Article/24123). President's Office, 14 December 2020
- [Domestic category electricity tariff reduced to deliver meaningful relief to citizens as Government ensures sustainable implementation](https://presidency.gov.mv/Press/Article/33885?term=0). President's Office, 31 May 2025
- [STELCO prepares electricity bills for May at reduced tariff rates](https://edition.mv/news/41652). The Edition, 3 June 2025
- [Tariff Rates](https://stelco.com.mv/tariff-rates). STELCO (company website)
- [Maldives cuts electricity subsidies](https://maldivesindependent.com/politics/maldives-cuts-electricity-subsidies-121777). Maldives Independent, 26 January 2016
- [Total MVR 1.3 billion to be spent on fuel subsidies this year](https://edition.mv/resort_opening/37039). The Edition, 27 October 2024
- [President Waheed creates centralised utilities corporation, 'Fenaka'](https://maldivesindependent.com/politics/president-waheed-creates-centralised-utilities-corporation-fenaka-39349). Maldives Independent, 19 June 2012
- [President assigns FENAKA Corporation Limited as a Subsidiary of STO](https://presidency.gov.mv/Press/Article/31433). President's Office, 26 August 2024
- [Fenaka services maintained in three atolls handed to STELCO](https://edition.mv/news/50335). The Edition, 24 April 2026
- [Utility services in 3 atolls transferred to STELCO](https://atolltimes.mv/post/news/15699). Atoll Times, 24 April 2026
- [Stelco officially takes over utility services in Meemu Atoll](https://edition.mv/news/51873). The Edition, 22 June 2026
- [Thilafushi fire, pay cuts and Savaaheli transfer](https://maldivesindependent.com/news-in-brief/thilafushi-fire-pay-cuts-and-savaaheli-transfer-96f5). Maldives Independent, 22 July 2026
- [Fenaka to be dissolved, services transferred under STELCO](https://edition.mv/news/53999). The Edition, 7 September 2026
- [Govt to dissolve Fenaka and RDC under SOE restructuring](https://atolltimes.mv/post/business/17095). Atoll Times, 7 September 2026
- [Fenaka scrapped, Aasandha capped: everything Muizzu announced](https://maldivesindependent.com/politics/fenaka-scrapped-aasandha-capped-everything-muizzu-announced-5878). Maldives Independent, 8 September 2026
- [Survey for state of island electricity services under STELCO](https://edition.mv/news/54223). The Edition, 17 September 2026
- [Expanding STELCO services to all of Maldives will offer satisfaction, peace of mind to citizens: Azwar](https://edition.mv/news/54306). The Edition, 22 September 2026
- [Hussain Fahmy appointed as STELCO's new MD](https://edition.mv/business/30377). The Edition, 28 November 2023
- [Ahmed Shamah Appointed STELCO MD After Dismissal of Hussain Fahmy](https://mbr.mv/story/7040a541-a24f-4e5e-9953-f0c511c556c3). Maldives Business Review, 7 September 2025
- [Fahmy Sacked As STELCO MD, Ahmed Shamah Rasheed Appointed](https://gaafu.mv/en/article/157023). Gaafu Online, 7 September 2025
- [Ex-STELCO chief Fahmy appointed to ministerial level post](https://atolltimes.mv/post/news/13433). Atoll Times, 8 September 2025
- [STELCO MD Shamaah dismissed after 4 months](https://edition.mv/news/47377). The Edition, 11 January 2026
- [STELCO's MD Shamah sacked in second dismissal from an SOE](https://see.mv/102288). Sun Online, 11 January 2026
- [STELCO management handed to deputy MD; procurement head removed](https://atolltimes.mv/post/business/14635). Atoll Times, 11 January 2026
- [Umar Naseer alleges high-level involvement in SOE corruption](https://english.sun.mv/102329). Sun Online, 13 January 2026
- [Seasoned energy expert Dr. Azwar takes helm of STELCO months after former MD sacked](https://see.mv/104974). Sun Online, 28 April 2026
- [Individual appointed to STELCO board](https://edition.mv/news/54273). The Edition, 20 September 2026
- [Major Changes to STELCO, WAMCO and Maldives Energy Authority Operations](https://corporatemaldives.com/major-changes-to-stelco-wamco-and-maldives-energy-authority-operations/). Corporate Maldives, 2 March 2022
- [Mohamed Rasheed appointed as STELCO Chairman](https://edition.mv/business/9169). The Edition, 12 February 2019
- [Ibrahim Mohamed Didi Appointed as STELCO Chairman](https://corporatemaldives.com/ibrahim-mohamed-didi-appointed-as-stelco-chairman/). Corporate Maldives, 15 June 2022
- [Case on former MD signing an agreement damaging STELCO lodged at ACC](https://edition.mv/news/35304). The Edition, 13 August 2024
- [Power goes out in greater Male' area](https://see.mv/96794). Sun Online, 1 June 2025
- [STELCO chief: Cause of outage has been identified; we are sorting it out](https://see.mv/98075). Sun Online, 9 August 2025
- [Power outages in Malé, Hulhumalé](https://atolltimes.mv/post/news/13161). Atoll Times, 9 August 2025
- [Hulhumalé power outage attributed to substation tampering: STELCO](https://en.mmtv.mv/6088). MMTV, 21 September 2025
- [Power outage, preliminary reconstruction and Nasheed apology](https://maldivesindependent.com/news-in-brief/power-outage-preliminary-reconstruction-and-nasheed-apology-6951). Maldives Independent, 23 May 2026
- [STELCO attains two sets of generators](https://edition.mv/sports/31028). The Edition, 14 January 2024
- [Anticipating Higher Demand, STELCO Expands Energy Capacity for Ramadan](https://corporatemaldives.com/anticipating-higher-demand-stelco-expands-energy-capacity-for-ramadan/). Corporate Maldives, 23 February 2025
- [STELCO to conclude Fifth Power Project next month](https://stelco.com.mv/archives/5882). STELCO (company release), 14 March 2019
- [STELCO inaugurates new 19.2MW powerhouse for peak season](https://see.mv/95493). Sun Online, 16 March 2025
- [STELCO opens new Hulhumale power plant for peak season](https://atolltimes.mv/post/business/11660). Atoll Times, 16 March 2025
- [STELCO's electricity network: a key to modernisation](https://avas.mv/en/88626). Avas, April 2020
- [STELCO partners with China's TBEA for Maldives' 'biggest' energy project](https://see.mv/92599). Sun Online, 16 October 2024
- [Maldives awards largest energy project to Chinese company](https://atolltimes.mv/post/news/10159). Atoll Times, 16 October 2024
- [Renewable Energy](https://stelco.com.mv/renewable-energy). STELCO (company website)
- [The President Delivers National Statement at COP28](https://presidency.gov.mv/Press/Article/29236). President's Office, 1 December 2023
- [President Dr Muizzu shares a message on International Day of Clean Energy](https://presidency.gov.mv/Press/Article/32900). President's Office, 26 January 2025
- [STELCO Reaffirms Commitment to Maldives' Renewable Energy Ambition and Clean Power Expansion](https://en.maaldif.com/13043/). Maaldif, 3 June 2026
- [Increased renewable energy from 53 MW to 126 MW: Ministry](https://edition.mv/news/54359). The Edition, 24 September 2026
- [World Bank approves USD 107 mln project for Maldives' renewable energy transition](https://edition.mv/stelco/20904). The Edition, 13 December 2020
- [Accelerating Sustainable System Development Using Renewable Energy (project 55191-001)](https://www.adb.org/projects/55191-001/main). Asian Development Bank, Approved 12 September 2023
- [STELCO Awards Contract to Develop New Powerhouse in Thulusdhoo](https://www.psmnews.mv/en/154760). PSM News
- [May Bills Reflect New Tariffs as STELCO Acts Swiftly on President Muizzu's Order](https://standard.mv/may-bills-reflect-new-tariffs-as-stelco-acts-swiftly-on-president-muizzus-order/). The Standard Maldives, 2 June 2025

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