ABU DHABI, 18th January, 2017 (WAM) — The Gulf Cooperation Council Interconnection Authority (GCCIA) is looking forward to a promising energy market, hoping to earn up to US$1 billion annually, over and above its operational costs.
It is also planning to launch an electronic system for energy trade and conduct a study on the electrical interconnection network expansion this year.
Ahmed Bin Ali Al Ibrahim, Executive Director of the GCCIA told Emirates News Agency, WAM, in an exclusive interview, on the sidelines World Future Energy Summit, which is part of the Abu Dhabi Sustainability Week 2017, that eight years after establishment of the authority it guaranteed 100 percent energy and electricity security in the GCC countries.
Al Ibrahim added that the GCCIA had succeeded in providing electrical support in more than 1,450 cases for the GCC countries in the past years. By saving more than US$1billion through the operational costs of electricity annually and not every three years, the project has proved to be economically viable.
The GCCIA further aims to achieve this abundance of US$1 billion annually, he asserted.
The previous year saw the implementation of the biggest project in the field of energy trade, as the authority could provide 2.3 million megawatt/hour, he said, praising the leading role played by the UAE in this regard.
The GCCIA is expected to establish a huge project in 2017, including a study on the expansion of electrical network connectivity in the GCC countries, he said.