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The platform enables GCC countries to enter into bilateral or multilateral agreements
The Gulf Electricity Market Project will be connected to Iraq through a new platform on October 10 at the headquarters of the GCC Interconnection Authority (GCCIA) in Al Dammam city. The formal inauguration of the platform will be done by Prince Saud bin Naif bin Abdulaziz, the Governor of the Eastern Province Saudi Arabia.
Eng Ahmed Al-Ebrahim, the CEO of the GCCIA explained that the new platform opens up opportunities for the Gulf market to trade and exchange electricity between the Gulf Cooperation Council (GCC) countries and Iraq.
He said the platform enables GCC countries to enter into bilateral or multilateral agreements, as well as reserve the necessary transmission lines for electricity transfer among GCC countries. He confirmed that it will also facilitate cross-border trade among the Gulf countries (Bahrain, Kuwait, Qatar, Oman, the UAE, and Saudi Arabia) in an efficient and streamlined manner.
Significant flexibility
He pointed out that the platform enables Iraq to exchange and trade electricity with the GCC countries collectively, separately, or individually, providing significant flexibility.
He said the platform project serves as a system for managing the electricity market. The GCCIA will replace the current electricity market management system with a new one that aligns with the new phase, enabling it to respond effectively to the ongoing market developments and achieve the specific goals and needs of the GCCIA in connecting the GCC countries with Iraq.
He affirmed that the new electricity market system contributes to enhancing efficiency to maximise the use of the electrical link for the GCC countries. Furthermore, it offers flexibility in usage for market participants, traders, and associated parties. He pointed out that the new system is characterised by its scalability to new market areas without critically affecting auction systems and business processes.
Additionally, it allows for interoperation to establish a reliable interface with other market sectors, along with a settlement and billing system that covers the needs. He noted that the new system forms a unified solution for advanced standardised data exchange, serving as a robust foundation for future development and upgrading of the information management system for the GCC countries and Iraq. |
