GCC-Iraq interconnection to start operations by soon
Image for illustation purposes.
Iraq: The interconnection project linking Iraq with Gulf Cooperation 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. GCCIA operates the 400 kV GCC grid, which interlinks the electricity grids of the six member countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
“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 commented.
He added that the Gulf trading market will give Iraq the flexibility to import energy from several countries at competitive prices and through bilateral commercial electricity contracts for the summer and winter seasons. Last month, the Kuwait Fund signed a $112 million loan agreement with GCCIA for the project. The Gulf Electricity Market Interconnection platform for managing the electricity markets through real-time information sharing was inaugurated last year.
Source: Zawya
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