ARKANSAS, Sept 28 (Future Headlines)- Greece and Saudi Arabia have taken a significant step toward supplying Europe with more affordable green energy by agreeing to establish a jointly-owned company focused on linking their power grids. This initiative, named Saudi Greek Interconnection, is set to explore the feasibility of a power interconnection between the two countries. The project is the result of a partnership between Greece’s Independent Power Transmission Operator (IPTO) and Saudi Arabia’s National Grid. This collaboration marks a crucial development in Europe’s pursuit of sustainable and cost-effective energy sources.
The collaboration between IPTO and National Grid will materialize through the formation of Saudi Greek Interconnection, a jointly-owned company. This entity will be tasked with conducting a comprehensive assessment of the commercial viability of a power interconnection between Greece and Saudi Arabia. Notably, both IPTO and National Grid will hold equal 50% stakes in this venture. This partnership signifies a mutual commitment to exploring new avenues for the transmission of renewable energy.
Greece, recognized for its growing reliance on renewable energy sources, is keen on leveraging its green energy capabilities to benefit both its domestic and international energy markets. Currently, approximately 40% of Greece’s electricity production is derived from renewables, a figure that underscores the country’s dedication to sustainable energy solutions. In line with this commitment, Greece is actively pursuing initiatives to expand its reach in the green energy sector.
One of Greece’s prominent endeavors involves the construction of an undersea cable that will connect its power grid to Egypt. This undersea cable is expected to bolster Greece’s position as a provider of affordable renewable energy. By fostering international connections, Greece aims to enhance its ability to export excess green energy to neighboring regions.
Furthermore, Greece has entered into agreements with Cyprus and Israel for the development of an ambitious project: the world’s longest and deepest underwater power cable. This high-impact project is projected to cost approximately $900 million and will link the power grids of the three nations. It is designed to facilitate the seamless exchange of renewable energy resources, further strengthening Greece’s position as a key player in the green energy market.
The collaboration between Greece and Saudi Arabia represents a shared vision for the future of energy. Both countries recognize the potential of green energy as a catalyst for sustainable development and economic growth. By joining forces to explore power grid interconnections, they are taking tangible steps toward harnessing the power of renewables.
The establishment of Saudi Greek Interconnection and the potential power grid linkage between Greece and Saudi Arabia carry significant economic and environmental implications. Europe, like many regions, is actively transitioning toward cleaner energy sources to combat climate change and reduce carbon emissions. By supplying Europe with affordable green energy, this collaboration can contribute to the continent’s efforts to meet its sustainability goals.
Moreover, such initiatives are expected to have positive economic outcomes for the involved countries. Greece, in particular, stands to benefit from increased revenue generated by the export of green energy. These financial gains can be reinvested in further expanding its renewable energy infrastructure, fostering job creation, and driving economic development. With both economic and environmental benefits in sight, Greece and Saudi Arabia are taking meaningful steps to contribute to Europe’s green energy ambitions while fostering their own economic growth. This partnership is a testament to the power of international cooperation in addressing the global energy transition challenge.
Writing by Kevin Wood; Editing by Sarah White