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FINANCIAL NEWS
Gulf Electricity-Sharing Grid to hit USD420m growth by 2019
28 Sep 2014
(MENAFN) A unified Gulf Arab electricity grid created to share capacity in emergencies is set for expansion by 2019 with an estimated investment of up to USD420 million consumption, an official of the overseeing authority, Gulf Business reported.
The grid has been working since 2009 with trading reaching the equivalent of 800,000 mega watts (MW) hour of energy annually, according to chief operating officer of the Dammam-based Gulf Cooperation Council Interconnection Authority.
“In around five years in 2019 we will need to expand the grid as consumption is increasing around six to ten per cent a year,” he said.
This expansion could cost about 20 or 30 percent of initial cost, he said. That works out at up to USD420 million.
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