Greece, Saudi Arabia to look at linking their power grids

Holding Admie Ipto SA

27/09/2023 14:45

ATHENS, Sept 27 (Reuters) - Greece and Saudi Arabia
agreed on Wednesday to set up a jointly-owned company that will
look at linking their power grids, taking the first step in
their plan to supply Europe with cheaper green energy, the Greek
energy ministry said.
    Greece's IPTO and Saudi Arabia's National Grid will set up a
company, Saudi Greek Interconnection, tasked with examining the
commercial viability of the power interconnection, the ministry
said in a statement.
    IPTO and National Grid will each hold a 50% stake, it added.
    The deal comes after Greece and Saudi Arabia discussed last
year the possibility of such a tie-up. 
    About 40% of power in Greece is produced by renewables and
the Mediterranean country is already looking to build an
undersea cable linking its grid to Egypt as it seeks an enhanced
role in supplying cheap energy produced by renewables.
    Greece has also agreed with Cyprus and Israel to build the
world's longest and deepest underwater power cable to link their
grids at a cost of about $900 million.

 (Reporting by Angeliki Koutantou
Editing by Alexandra Hudson)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))