Egypt and Saudi Arabia, represented by the Saudi Electricity Company and the Egyptian Electricity Transmission Company, signed the contracts for the award of the electricity interconnection project between the two countries, on Tuesday, in the presence of the Saudi Minister of Energy Prince Abdulaziz bin Salman, and Egypt’s Electricity and Renewable Energy Minister Muhammad Shaker.
The Saudi Energy Minister said that the achievement of this important phase of the project is the culmination of the directives of the leaders of Saudi Arabia and Egypt.
The Minister added that the electricity connection plans in the Kingdom, in general, are aligned with executive programs enacted by the Kingdom’s Vision 2030, which enjoys the support and interest of Crown Prince Mohammad bin Salman.
Vision 2030 aims to invest in the Kingdom’s strategic location and its possession of the largest electricity grid in the region. Arab countries and the Middle East could become a hub for the exchange of electricity through interconnection projects between countries. This helps to strengthen the regional market for electricity trading and supports the participation of involved countries.
For his part, Shaker said that the project represents the culmination of the depth of Egyptian-Saudi relations, and the link between them will be the core of a joint Arab bond, as well as being complementary and supportive to visions of both countries.
More so, the Egyptian Ministry of Electricity and Renewable Energy said in a statement that the project involves the linkage of the region’s biggest grids and will reinforce the stability of the power supply between the two countries.
The first stage is scheduled to be operated in late 2024, with a capacity of 1.5 gigawatts, the statement added.
Saying the project is consistent with the Kingdom’s Vision 2030, Abdulaziz bin Salman reiterated that Saudi Arabia, with the largest electric network in the Arab region and the Middle East, is qualified to be a regional center for the exchange of electrical energy through carrying out linkage projects with other countries.
The project, which will allow both countries to exchange up to three gigawatts of electric power at peak times, would cost around 1.8 billion US dollars.
