New electronic energy trading system in GCC

New electronic energy trading system in GCC
Updated 20 July 2013

New electronic energy trading system in GCC

New electronic energy trading system in GCC

The Gulf Cooperation Council Interconnection Authority (GCCIA) has launched an electronic system to manage and sell surplus energy produced by the six-member group.
Executive director for the GCCIA, Adnan Al-Muheisen, made the announcement during the organization's annual iftar gathering. He said the authority has helped provide internationally accredited electricity services to consumers.
He said the major benefit of the system is to find markets for the surplus capacity of electricity plants and reduce dependence on gas and fuel for energy generation.
Reports have indicated the possibility of energy trading between Gulf states and European countries because of differences in peak-time electricity loads.
The interconnection authority was established in 2001 to connect the power grids of all GCC member states. It started operating in mid-2009.