(MENAFN) A recent economic report published by the GCC Interconnection Authority said that the GCC electricity network could save up to USD1.800 million in fuel operating costs if GCC energy exchange is activated, Arab News reported.
The report also said that the GCC grid had prevented over 1,072 incidents of power blackouts since 2009, due to its direct transfer of required power across the grid, thus avoiding losses that could have been triggered due to full and partial interruptions.
The report also states that the grid has helped in savings USD5 billion in investments and USD1.800 million in fuel operating costs, as well as having benefits with installing electrical generators using nuclear energy and expanding the use of renewable energy sources in GCC grid, which helped reduce the capital cost per megawatt of installed capacity.
Meanwhile, the report discussed the potential held by the winter and summer seasons for the electricity grid as well as the efficient steps to activate the electricity trade market immediately between the GCC countries as well as updating the action plan to facilitate market exchange between members of the GCC.
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