An agreement to import electrical energy from the Gulf Electricity Market was signed between the Ministry of Electricity, Water and Renewable Energy in the State of Kuwait and the Electricity Interconnection Authority for the Arab Gulf Cooperation Council countries, at the Ministry’s headquarters in the State of Kuwait, last Sunday, May.
The agreement was signed with the aim of the Authority coordinating the import of electrical energy from the Gulf electrical market to the State of Kuwait, and providing the quantities required to be imported from the Gulf market at competitive prices according to the prices of the Gulf electrical market, whereby Kuwait will be supplied with the contracted electrical energy, through the Gulf electrical interconnection network and using the platform. Gulf electrical energy trade, as the Authority is responsible for managing the trade system and operating the Gulf electrical interconnection network, which links the electrical energy networks of all member states.
Engineer Ahmed Al-Ibrahim, CEO of the Authority, explained that the Gulf electrical market for trading electrical energy is one of the effective markets in the region, stressing that this market coordinates through the electronic platform for trading electrical energy, which enables countries to submit competitive offers in quantities and prices, indicating that concluding deals It is carried out through the platform of the Gulf Electricity Interconnection Authority, as well as the processes of scheduling energy traded and financial settlements.
He pointed out that trading in electrical energy aims to make societies flourish, by providing sustainable electrical energy at competitive prices, as well as by reducing the costs of producing electrical energy and building stations at high costs, pointing to the ability of system operators to reduce costs and operate systems more effectively, by importing energy. Electricity or exporting it on the short-term, for the benefit of countries and increasing the safety and effectiveness of operational operations.
He added that trading in electrical energy is one of the most important and popular developments globally in the electrical energy sector, due to the significant impact of the introduction of renewable energy into the systems of all countries of the world and its impact on the electrical energy systems in all countries, so that trading in short periods can reduce the impact of renewable energy fluctuations. On the systems, stressing that the European experience is considered one of the most important experiences, as all European countries trade electrical energy, through electronic systems, for next-day products and intra-day energy products.