Establishing a GCC energy market would contribute to cutting down on production and operational costs, as well as reaching competitive price levels, GCC Interconnection Authority (GCCIA) said Monday.
Operational challenges faced by member states and power suppliers, establishing a common GCC market for electricity and forming an expert team to launch a prototype project for energy swap in 2015 were among the key issues discussed, GCCIA board member Abdullah Al-Theyab, from Qatar, said.
His remarks came within a statement by the 92nd Authority meeting, which concluded in its headquarters in the Saudi city of Dammam earlier today.
The total cost of the project, launched in 2009, is estimated at USD 1.5 billion. It is anticipated that USD 180 million in fuel operating costs to be saved on an annual basis should the GCC energy exchange is activated.
The GCC joint power grid has been launched to aid Council members cope with soaring demand in emergency conditions or during the summer times. Oman has recently agreed to join the common network.
In February this year, GCCIA signed an agreement with CESI Middle East (CESI), a key market player in technical consulting and engineering, to provide specialized professional services.