Saudi Arabia to launch GCC-Iraq electricity project platform on Tuesday

Prince Saud bin Nayef, Governor of the Eastern Province of Saudi Arabia, will inaugurate on Tuesday, Oct. 10, the GCC-Iraq Electrical Interconnection Project platform at the headquarters of the GCC Interconnection Authority in Dammam (GCCIA).  

In a press statement to Argaam, Ahmed Al-Ibrahim, CEO of GCCIA, explained that the platform opens the horizons of the Gulf market for trade and exchange of electrical energy between the GCC countries and Iraq.  

He pointed out that the platform enables the GCC countries to conclude bilateral or multiple deals between the parties, in addition to reserving the lines required to transmit electrical energy among the GCC countries. The platform also opens the fields of intra-GCC trade easily and effectively. 

Meanwhile, the platform enables Iraq to exchange and trade electricity with the GCC countries collectively, separately, or individually, giving wide flexibility to the exchange and trade of energy between Iraq and the Gulf countries. 

The energy exchange and trade platform project serves as a system for managing the electrical market, where the GCC Interconnection Authority will replace the current electricity market management system with a new system that keeps pace with the new phase. 

Al-Ibrahim stressed that the motives of the new electric market system will contribute to raising the efficiency to make the most of the electricity link of the GCC countries, as well as flexibility in use for market users, traders and associated parties.