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Project to save Iraq up to $175mln annually
The electricity interconnection project linking Iraq with Gulf Co-operation Council (GCC) grid is expected to start operations in December 2024.
The timeline was stated by Ahmed Al Ebrahim, CEO of Gulf Cooperation Council Interconnection Authority (GCCIA) in a press statement announcing a scheduled contract signing ceremony for the project for Wednesday, 9 October 2024 in Damman under the sponsorship of Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province.
GCCIA operates the 400kV GCC grid, which interlinks the electricity grids of the six Gulf Cooperation Council (GCC) member countries.
“By 2025, Iraq will be able to import around 3.94 terawatt-hours of electricity annually from GCC countries, resulting in savings of up to $175 million per year, thanks to competitive prices that are lower than local production costs, which will significantly reduce public expenditure,” Al Ebrahim said.
He said the Gulf electricity trading market will give Iraq the flexibility to import energy from multiple countries at competitive prices and through bilateral commercial electricity contracts for both summer and winter seasons.
Last month, the Kuwait Fund signed a $112 million loan agreement with GCCIA for the interconnection project.
The ‘Gulf Electricity Market Interconnection’ platform for managing the electricity markets through real-time information sharing was inaugurated by Prince Saud last year. |
