Riyadh – Mubasher: Prince Saud bin Naif bin Abdulaziz, the Governor of the Eastern Province in Saudi Arabia, will inaugurate the Gulf Electricity Market Project this week on 10 October 2023, according to a press release.
The platform, which will link the GCC countries and Iraq, will be launched at the headquarters of the GCC Interconnection Authority (GCCIA) in Al Dammam city.
Ahmed Al Ebrahim, CEO of the GCCIA, highlighted that the new platform will enable the Gulf market to trade and exchange electricity between the GCC nations and Iraq.
The joint project will help the GCC states to enter into bilateral or multilateral agreements, besides facilitating cross-border trade among the countries in an efficient and streamlined manner.
Al Ebrahim pointed out that the platform provides Iraq with access to exchange and trade electricity with the GCC countries collectively, separately, or individually.
Furthermore, he indicated that the platform project serves as a system for managing the electricity market.
Meanwhile, the GCCIA will replace the current electricity market management system with another one that aligns with the new phase and meets the ongoing market developments.
The CEO stated that the new electricity market system contributes to boosting efficiency to maximise the use of the electrical link for the GCC countries. It can also adapt to new market areas without critically affecting auction systems and business processes.
