Greece, Saudi Arabia advance plan for joint interconnection

Greece’s Independent Power Transmission Operator (IPTO/ADMIE), and its Saudi peer National Grid SA have established a joint venture (JV) to study the feasibility of building an electricity interconnection between the two countries.

Saudi Greek Interconnection, as the special purpose company is called, is equally owned by IPTO and National Grid SA, the Greek power operator said on Wednesday.

Waleed Al-Saadi, chief executive of National Grid SA, will serve as chairman of the board of the joint venture, while IPTO's CEO and chairman, Manos Manousakis, will act as chief executive officer.

Technical teams comprised of executives from IPTO and National Grid SA are already engaged in advancing the electrical interconnection and defining its design parameters. Their efforts commence with evaluating and analysing the feasibility and commercial potential of the project.

The establishment of the joint venture builds on a deal between the two companies from October 2023.

Commenting on the project, Manousakis said: "This interconnection will further strengthen the energy corridors between the Middle East and Europe, in which IPTO has an active role, contributing to the energy transition of the wider region. Given the value of the Saudi Greek Interconnection for Asia and Europe's energy objectives, we aim to rapidly mature the interconnection and promote it as a Project of Common Interest for the EU".

"This project will enable the more effective use of renewable energy, access to sustainable electricity generation and improved security of electricity supplies. It will benefit the socio economy of both countries," Al-Saadi noted.

The initiative with National Grid SA is not the sole major interconnection project IPTO is engaged in. The Greek company is a partner in the EuroAsia Interconnector project, which aims to create a 1,208-km direct current (DC) undersea cable linking Greece, Cyprus and Israel.

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