Accenture (News - Alert), a global management consulting, technology services and outsourcing company, announced it has been selected by Saudi Electricity Company (SEC) for comprehensive restructuring as part of the privatization efforts that will lead to an eventual liberalization of the electricity market in Saudi Arabia.

The restructuring comes in line with the recently launched Electricity Industry Restructuring Plan (EIRP). Announced by the Saudi Electricity and Co-generation Regulatory Authority (ECRA), the EIRP provides the guidelines to move toward a more competitive wholesale electricity market in the Kingdom.

Under the terms of the management consulting contract, Accenture delivers management consulting services to help that company implement a strategic project management capability by which it can identify and manage various projects. The contract also aims to help SEC (News - Alert) redesign its intercompany processes to allow its new operating companies work together.

“The restructuring of Saudi Electricity Company is the most important and far-reaching strategic initiative the company is currently undertaking,” said Giampietro Sanna, director of Accenture’s Utilities industry group in the Middle East. “Accenture will draw on its global management consulting capabilities and industry experience to support and provide SEC with the necessary tools to help it transition to a competitive market.”

As the first move of the company’s multi-year restructuring strategy, SEC recently created the National Grid Company, a wholly owned power transmission subsidiary. Within this phase of the Restructuring Program, SEC will also create and spin off four generation companies and one distribution company.

The contract also includes the scope for designing and running a change and communication management program, designing the new organization Unit for Regulatory Affairs and Performance Monitoring. Accenture will also help SEC to define Service Level Agreements that will regulate the interactions between SEC and its subsidiaries.

“Our aim is to prepare our company and the industry to operate with maximum efficiency and effectiveness in an unbundled and eventually liberalized market,” said Saud Al-Shammari, Restructuring project director and HR senior vice president of Saudi Electricity Company, in a statement.

“The challenge we have ahead of us is one of technology, culture and processes,” Al-Shammari added. “Accenture’s strengths in the utilities sector will be of value as we transform our operations to meet our goals”.

Accenture recently introduced two new software products - Accenture Multichannel Platform and Accenture Product and Fee Factory - to help banks integrate customer channels, such as mobile, branch and online banking, and streamline product development and pricing.