Electrical and utility procurement is an economically consequential governance function because award decisions influence transaction costs, supplier incentives, capital efficiency, schedule reliability, lifecycle expenditure, and the development of domestic productive capability. This paper develops a governance-based Tendering Excellence Framework (TEF) for power, substation, transmission, distribution, and related utility projects. A structured conceptual synthesis integrates transaction cost economics, strategic procurement, value-for-money guidance, project and risk governance, asset management, contractor-selection research, and Saudi procurement requirements. The resulting six-stage model links procurement strategy, tender design, controlled bid management, technical-commercial-risk evaluation, governed award, and post-award learning. Its principal contribution is to connect mandatory compliance gates with a weighted scorecard and an economic-value logic that distinguishes acquisition price from total evaluated cost, risk exposure, lifecycle value, and localization impact. The TEF therefore positions tendering as a mechanism for reducing information asymmetry, limiting opportunism and costly contract adaptation, improving capital allocation, and strengthening supplier accountability. In the Saudi Vision 2030 context, the framework provides a practical route for aligning infrastructure procurement with institutional effectiveness, private-sector development, domestic capability formation, and reliable delivery. The model is conceptual and its weights are illustrative; empirical validation should test whether stronger TEF maturity predicts lower procurement-cycle cost, fewer claims, improved schedule and cost performance, and higher verified local-content outcomes.