The Company emerged from modest beginnings in 1949 with an installed capacity of only 14 kW and providing electricity to just the residences in Male'.
Over the past five decades the Company operated as a Government Department under different names such as "Department of Electricity" and "Maldives Electricity Board". In 1997, "State Electric Company" STELCO, was formed.
Initially the number of customers were around 50 houses in Male'. Today the total number of customers have increased to 37,660 in Male' and 14,462 customers in different islands (as at June 2016).